Suppose y = Ak1/3, the capital-labor ratio is $30,000 per worker, the level of total factor productivity is 400, 50% of the population works, and there are 50 million workers. Real GDP per capita is
A) $4,930.85.
B) $6,212.33.
C) $7,765.41.
D) $9,033.96.
B
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Why might the Federal Reserve intervene in foreign currency markets?
A) to ensure the safety of overseas investments for private investors B) to maintain a desired exchange rate for the dollar C) to ensure the safety of overseas investments for pension funds D) to ensure the safety of overseas investments for banks
Which of the following is an example of a durable strategy undertaken by firms to prevent competition?
a. Purchasing the latest technology available in the market b. A firm spending huge sums on advertisements. c. Selecting a unique location for carrying out operation d. Identifying a competent sales force
Demand for a good is said to be inelastic if the quantity demanded increases substantially when the price falls by a small amount
a. True b. False Indicate whether the statement is true or false
When the demand curve is linear, price elasticity of demand:
a. remains constant along the curve. b. is negative in the lower half of the curve. c. decreases as one moves down along the curve. d. is less than one in the upper half of the demand curve.