The country of Kemper is on its aggregate production function at point W in the above figure. If the population increases with no change in capital or technology, the economy will
A) move to point such as Y.
B) remain at point W.
C) move to point such as X.
D) move to point such as Z.
C
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The marginal propensity to consume explains how much of the next dollar of disposable income
A) a household will spend. B) a business will invest. C) the government will spend. D) foreign residents will use to purchase domestic exports.
The marginal product curve is a mirror image of
a. The average cost curve b. The average fixed cost curve c. The total cost curve d. The marginal cost curve
When can a country gain a price advantage on imports by imposing a tariff?
a. when it is the largest country with absolute advantage in all goods b. when it has a comparative advantage in the production of all goods c. when it can do so without other countries retaliating with tariffs d. when trade agreements prohibit quotas but permit tariffs
In a prisoner's dilemma, only one firm has a dominant strategy
a. True b. False Indicate whether the statement is true or false