Concentration of firms in a particular region is likely to attract skilled labor to that area
Indicate whether the statement is true or false
FALSE
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Implicit assumptions from which theories evolve are known as
a. a paradigm. b. biases. c. stylized facts. d. normative economics.
Transfer payments include:
a. government spending on tanks and planes. b. government spending on national forests and parks. c. the salaries of senators and federal judges. d. welfare benefits and Social Security payments.
With only two goods, if the income effect is in the same direction as the substitution effect then the good is
a. normal b. inferior but not Giffen c. Giffen d. There is not enough information to answer.
According to the Taylor rule:
a. if inflation falls by 1 percentage point below its target of 2 percent, then the Fed should raise the real federal funds rate by one-half a percentage point. b. all of these are appropriate Fed actions. c. when real GDP is equal to potential GDP and inflation is equal to its target of 4 percent, the federal funds rate should be kept at 2 percent. d. if real GDP rises by 2 percent above potential GDP, the Fed should raise the real federal funds rate by 1 percentage point.