Answer the following statements true (T) or false (F)
1) Refer to the given data. It would be the appropriate stabilization policy to raise interest rates, raise taxes, and reduce government expenditures.
2) Refer to the given data. There is evidence that cost-push inflationary pressure is present in this economy.
3) Refer to the given data. This economy has encountered stagflation.
4) Refer to the given data. In 2008, Transylvania imported more products than it exported.
1) F
2) T
3) T
4) T
5) F
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A firm will continue to purchase and use land until the:
A) value of marginal product of land equals the price of land. B) value of average product of land equals the marginal product of land. C) value of marginal product of land equals the marginal product of labor. D) value of marginal product of land equals the marginal product of capital.
From 1950-1970, labor productivity growth in the Soviet Union was driven primarily by
A) capital accumulation. B) population increases. C) total factor productivity. D) Capital, population increases, and total factor productivity contributed about equally to labor productivity growth.
If the economy is in recession and the number of used baby clothing stores increases, then:
a. used baby clothes are a necessity. b. used baby clothes are an inferior good. c. used baby clothes are a normal good. d. new baby clothes are a luxury. e. used baby clothes have price-elastic demand.
As the output produced by a firm increases, the average fixed cost:
a. continues to decline. b. initially increases, and then declines. c. quickly drops to zero. d. becomes constant. e. declines and finally becomes negative.