If the market for labor is perfectly competitive, the profit maximizing level of labor occurs where
A) MRPL < W (the wage).
B) MRPL = P (the output price).
C) MRPL just exceeds W.
D) MRPL = W.
E) none of the above
D
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In the steady state of Solow's exogenous growth model, an increase in the growth rate of labor force
A) increases output per worker and increases capital per worker. B) increases output per worker and decreases capital per worker. C) decreases output per worker and increases capital per worker. D) decreases output per worker and decreases capital per worker.
Contractionary fiscal policy may have a larger effect in reducing aggregate demand in an open economy than a closed economy
a. True b. False Indicate whether the statement is true or false
Resources that flow through the circular flow model include all of the following except:
A. land. B. labor. C. capital. D. final goods.
What do bonds represent?
A. Shares of ownership in a corporation and a guaranteed stream of profits B. Shares of ownership in a corporation and an entitlement to its future profits C. Debt contracts with corporations or governments, and regular interest payments on the loan D. Debt contracts with corporations or governments, and some unspecified interest payments on the loan