Compared to the U.K. and Germany, the debt as a percentage of GDP in the US is
A. somewhat greater.
B. roughly equal.
C. substantially smaller.
D. somewhat smaller.
Answer: A
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Answer the following statement(s) true (T) or false (F)
1. When labor and capital are complements in production, a higher wage will cause a firm to use more capital in the long run. 2. When a firm's long-run demand curve for labor is derived, the amount of capital employed is held constant. 3. The substitution effect of a rise in the wage may increase or decrease the firm's employment of labor. 4. Derived demand for an input is the process by which individual firm's demand for labor are aggregated to get the industry demand for labor. 5. The substitution effect on labor always decreases the amount of labor employed when the wage rate goes up.
Suppose Joe purchases 10 lottery tickets per month when his monthly income is $200. Joe receives a raise at work, giving him an extra $40 per month in take-home pay, and Joe now purchases 15 lottery tickets per month. What is Joe's income elasticity of demand for lottery tickets?
a. 2.5 b. 1. c. 0.4. d. 0.25.
How rapidly does the economy’s self-correcting mechanism work? Most economists agree that it
A. works quickly and reliably. B. works slowly and not very reliably. C. works reliably, but not very quickly. D. does not work at all.
A firm will exit a competitive market when
A) costs force the marginal cost curve to shift to the left. B) the long-run profit would be negative. C) it can earn only earn a zero long-run profit. D) Both B and C.