Suppose a developing country is falling further behind the developed countries that it neighbors. As an economic consultant, you are called to look at its policies to recommend changes. If you saw all of the following on your visit, which of them could be an explanation for the slow growth in the economy?
A. You see that the roads, bridges, and ports are in terrible shape.
B. You see that new companies require few licenses to move their exports.
C. You see that the central bank does not pay attention to what the elected officials want.
D. You see that literacy rates rival those of its developed neighbors.
Answer: A
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Which of the following are true in a graph of isoquants (with capital on the vertical and labor on the horizontal) assuming a given wage and rental rate.
A. All long-run cost minimizing input bundles lie on a ray from the origin. B. (a) is true only if the production technology is homothetic. C. All short-run cost minimizing input bundles lie on a horizontal line. D. (c) is true only if the production technology is homothetic. E. (a) and (c) are true. F. (b) and (c) are true. G. (a) and (d) are true. H. None of the above.
If the interest rate is 8 percent, $54 next year is worth __________ today
a. $62 b. $50.68 c. $50 d. $62 e. $4.32
From 2001 to 2005 there was a dramatic rise in the price of houses. If this rise made people feel wealthier, then it would have shifted
a. aggregate demand right. b. aggregate demand left. c. aggregate supply right. d. aggregate supply left.
Courts often estimate the value of human life on the basis of a person's earnings over that person's remaining life span.
Answer the following statement true (T) or false (F)