The U.S. and the Canadian currencies are the only two in the world that are called "dollars."
Indicate whether the statement is true or false
FALSE
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If labor productivities were exactly proportional to wage levels internationally, this would
A) not negate the logical basis for trade in the Ricardian model. B) render the Ricardian model theoretically correct but practically useless. C) negate the logical basis for trade in the Ricardian model. D) negate the applicability of the Ricardian model if the number of products were greater than the number of trading partners. E) demonstrate the validity of the Ricardian model.
Everything else held constant, if aggregate output is to the ________ of the LM curve, then there is an excess ________ of money which will cause the interest rate to rise
A) right; supply B) right; demand C) left; supply D) left; demand
The marginal revenue product of labor is
a. how much labor can be purchased with the revenue from the sale of one more unit of the good b. how much the marginal revenue changes when you add more labor c. the same as the marginal revenue product of capital when the markets for labor and capital are in equilibrium d. determined by the wage rate e. the contribution to total revenue made by the marginal laborer
If in some year gross investment was $120 billion and net investment was $65 billion, then in that year the country's capital stock:
A. may have either increased or decreased. B. increased by $65 billion. C. increased by $55 billion. D. decreased by $55 billion.