The Solow model is ________
A) the basic model of how technology changes over time
B) the foundation for the classical economic thought of Adam Smith
C) one of the dominant explanations of the business cycle
D) based on the notion of diminishing marginal product of capital and labor
D
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Due to adverse selection, very few lemons will be sold in the market for used cars
Indicate whether the statement is true or false
Refer to Table 1-2. What is Julius's marginal benefit if he decides to stay open for three hours instead of two hours?
A) $15 B) $25 C) $65 D) $80
In the open-economy Keynesian model, it always has to be true that
a. planned savings equals planned investment. b. planned savings is greater than planned investment. c. planned savings is less than planned investment. d. none of the above.
Jasmine is willing to buy 40 pencils at 25 cents apiece. When the price is ten cents apiece, she is willing to buy 100 pencils. Which of the following statements could be true about Jasmine's demand for pencils?
a) She will buy 80 pencils at 15 cents apiece. b) She will buy 20 pencils and 20 cents apiece. c) She will buy 100 pencils at 5 cents apiece. d) None of these statements is likely to be true