If a country grows at an average rate of 3.5 % per year over a ten year period, then its compounded growth rate over that period is roughly:
A. 41.0%.
B. 32.7 %.
C. 45.0 %.
D. 35.0%.
Answer: A
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The price of a California orange is $2.00 and the price of a Florida orange is $1.00. If the price of California oranges goes down by one cent and the quantity demanded of Florida oranges goes up by one thousand, then
a. the cross elasticity is 0.4. b. these goods are substitutes. c. the price elasticity of demand for California oranges is 0.4. d. these goods are complements.
If a country must decrease current consumption to increase the amount of capital goods it produces today, then it must
A) be using resources inefficiently today, but will be more efficient in the future. B) be producing along the production possibilities frontier today and its production possibilities frontier will shift outward if it produces more capital goods. C) must be producing outside the production possibilities frontier and will continue to do so in the future. D) must not have private ownership of property and will have to follow planning authorities' decisions today and in the future.
Suppose a perfectly competitive firm's production function is q = L0.2K0.6 and it takes the wage and price as given. Then the firm's long-run demand for labor as a function of K, w, and p is
A) p5((0.2/w)2(0.6/r)3). B) p5((0.2/w)4(0.6/r)5). C) p5((0.2/w)5(0.6/r)4). D) p5((0.2/w)3(0.6/r)2).
Bond prices are determined mainly by the demand for bonds
Indicate whether the statement is true or false