Which economist introduced the simple trade model and the concept of trade based on comparative advantage?
What will be an ideal response?
David Ricardo
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In the above, which figure shows a linear relationship?
A) Figure A B) Figure B C) both Figure A and Figure B D) neither Figure A nor Figure B
In the DMP model
A) the market wage is equal to the marginal product of labor. B) the market wage is equal to the marginal rate of substitution of leisure for consumption. C) the wage is equal to the marginal rate of transformation. D) the wage is determined by bargaining between the firm and the worker.
The answer is: "It is sometimes in the best interest of business firms to pay their employees higher-than-equilibrium wage rates." What is the question?
A) What do efficiency wage models imply? B) What do classical economists say? C) What is the central tenet of Say's law? D) What did John Maynard Keynes say was the reason for inflexible wages? E) none of the above
The policy directive that is produced from the FOMC meeting:
A. sets the specific discount rate for the next eight weeks. B. instructs the staff of the New York Fed on how to manage the Fed's balance sheet. C. sets the specific range that the target interest rate can fall within. D. details the exact amount of U.S. Treasury securities the System Open Market Account Manager is to purchase or sell.