In the production function Real GDP = T (L, K), the T represents the _____________ coefficient, the L represents ________________ and the K represents _______________
A) tax; labor; capital
B) technology; labor; capital
C) technology; labor; knowledge
D) technology; livestock; knowledge
B
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Suppose a firm has market power and faces a downward sloping demand curve for its product, and its marginal cost curve is upward sloping. If the firm reduces its price, then:
A) consumer and producer surplus must increase. B) consumer surplus increases, producer surplus may increase or decrease. C) consumer surplus increases, producer surplus must decline. D) consumer and producer surplus must decline.
The cross price elasticities among substitute goods will be extremely high when:
a. b and d. b. they are very similar to each other. c. people are consuming them frequently. d. people consume them in equal quantities. e. they are imperfect substitutes.
Assume that the expectation of declining housing prices cause households to reduce their demand for new houses and the financing that accompanies it. If the nation has highly mobile international capital markets and a flexible exchange rate system, what happens to the quantity of real loanable funds per time period and reserve-related (central bank) transactions in the context of the
Three-Sector-Model? a. The quantity of real loanable funds per time period falls, and reserve-related (central bank) transactions remain the same. b. The quantity of real loanable funds per time period falls, and reserve-related (central bank) transactions become more negative (or less positive). c. The quantity of real loanable funds per time period rises, and reserve-related (central bank) transactions remain the same. d. There is not enough information to determine what happens to these two macroeconomic variables. e. The quantity of real loanable funds per time period falls, and reserve-related (central bank) transactions become more positive (or less negative).
What is the most efficient tax and why?