Which of the following is an exogenous variable in the Three-Sector-Model?
a. Real Domestic GDP
b. GDP price index
c. Real risk-free interest rate
d. Quantity of currency per time period
e. Open market operations
.E
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Which of the following statements about full employment is true?
A. Liberal economists insist that an unemployment rate of 4 percent constitutes full employment. B. Conservative economists feel that an unemployment rate of 6 percent is a realistic portrayal of full employment. C. Economists cannot agree on what constitutes full employment, thus 5% represents a reasonable compromise. D. All of these choices are true.
Suppose chickens and beef cattle are produced by different companies on different sites
If bad weather causes an increase in the price of hay, a food eaten by beef cattle but not by chickens, the equilibrium price of beef will ________, and the equilibrium price of chicken will ________. A) stay the same; increase B) increase; decrease C) decrease; increase D) increase; increase E) decrease; decrease
This chapter explains that a firm that engages in second-degree price discrimination charges the same consumer different prices for different units of a good. You are a monopolist with many identical customers
Each will buy either zero, one, or two units of the good you produce. A consumer is willing to pay $50 for the first unit of this good and $20 for the second. You produce this good at a constant average and marginal cost of $5 . For simplicity, assume that if a consumer is indifferent between buying and not buying that he will buy. a. If you could not engage in second-degree price discrimination, what price would you charge? How much profit per customer would you earn? b. Suppose you offer your customers what seems to be a very generous deal: "Buy one at the regular price of $50, and get 60 percent off on a second." How many units of this good will each customer buy? How much profit per customer will you earn?
If the capital-labor ratio is above the Golden Rule capital-labor ratio, then in the steady state,
A. capital per worker is above its maximum. B. output per worker is less than it would be at the Golden Rule capital-labor ratio. C. consumption per worker is not at its maximum. D. investment per worker exceeds output per worker.