In the one-period competitive model we have been studying
A) both consumption and total factor productivity are exogenous.
B) consumption is exogenous and total factor productivity is endogenous.
C) consumption is endogenous and total factor productivity is exogenous.
D) both consumption and total factor productivity are endogenous.
C
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In the table above, country A is producing 4 units of X and 8 units of Y and country B is producing 4 units of X and 6 units of Y. Regarding the production of good X
A) country A has an absolute advantage. B) country B has an absolute advantage. C) country A has a comparative advantage. D) country B has a comparative advantage.
For a competitive buyer, the marginal expenditure per unit of an input
A) exceeds the average expenditure per unit. B) is less than the average expenditure per unit. C) equals the average expenditure per unit. D) any of the above could be true.
Under present U.S. law, cocaine is an example of
A) a government-sponsored good. B) a capital good. C) a public good. D) a government-inhibited good.
If corporations have their choice, they will prefer to invest using
a. revenue from the sale of stocks. b. revenue from the sale of bonds. c. plowback. d. money borrowed from the bank.