An improvement in school quality translates into an increase in which model parameter?
A) H
B) z
C) b
D) 1-u
C
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Refer to the table above. If a trade deficit of $23,000 occurs in the next year, ________, all other variables remaining unchanged
A) gross domestic product will increase to $531,000 B) gross domestic product will fall to $325,000 C) gross domestic product will increase by $2,000 D) gross domestic product will fall by $2,000
The slope of the budget constraint:
A) changes as the marginal rate of substitution changes. B) is the ratio of the prices of the two goods. C) is the ratio of the budget to total utility. D) equals one, since the consumer can purchase any combination along the budget constraint.
We can roughly estimate how long it will take a country to double its real GDP per capita using the:
A. rule of 70. B. rule of 60. C. growth estimator. D. GDP deflator.
Wage differentials exist in the long run because
a. labor markets are perfectly competitive b. all jobs are equally attractive to all workers c. the prices of goods vary by market d. there are too many workers in the labor force e. not all workers are equally qualified to perform every job