In the Golden Rule steady state, the marginal product of capital is equal to the
A) savings rate plus the population growth rate.
B) population growth rate plus the depreciation rate.
C) depreciation rate plus the savings rate.
D) savings rate divided by the marginal product of labor.
B
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If the Consumer Price Index last year was 110 and 115 this year, the inflation rate is approximately
A) 4.5 percent. B) 5.0 percent. C) 10.0 percent. D) 15.0 percent.
Which of the following describes when government alter normal market activity?
A. Innovation B. Intervention C. Market failure D. Unprofitable outcome
When the ultimatum game is played for larger rather than smaller amounts of money, behavioral economists have found that when the proposed splits are very uneven:
A. responders are much more likely to accept the offer because of the amount of money involved. B. responders are no more likely to accept the offer if they consider the split to be unfair. C. responders are much less likely to accept the offer because their sense of unfairness is heightened with larger amounts of money. D. responders will accept offers at a higher rate but will exact greater emotional penalties on the proposer.
Market supply is obtained by
A) summing the amount demanded by individual consumers at various prices. B) summing the amount supplied by individual producers at various prices. C) the law of supply. D) observing how the supply curve shifts.