The convergence theory is also known as:
A. Moore's law.
B. Say's law.
C. the income effect.
D. the catch-up effect.
Answer: D
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In the above figure, what is the efficient quantity of pretzels to produce each day?
A) one hundred B) two hundred C) three hundred D) four hundred
Under the unified Euro regime, the European countries control
A) fixed exchange rate only. B) monetary policy oriented toward domestic goals only. C) freedom of international capital movements only. D) monetary policy oriented toward domestic goals and freedom of international capital movements. E) fixed exchange rate and freedom of international capital movements.
Refer to the above table. What does the marginal physical product equal when the amount of labor goes from 12 to 13 units?
A) 58.5 B) 70 C) 690 D) 760
An assumption that makes an economic model simpler without affecting its conclusions in important ways is
a. an indication of a positive assumption b. an efficient assumption c. useful in disguising the valid conclusions d. a simplifying assumption e. a critical assumption