The relationship between the quantity of labor supplied and the wage is governed by an income effect and a substitution effect
a. True
b. False
Indicate whether the statement is true or false
True
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What will be an ideal response?
In a small open economy,
Sd = $5 billion + ($100 billion) rw, Id = $10 billion - ($50 billion) rw, Y = $50 billion, G = $3 billion, rw = .06. (a) Calculate the current account balance. (b) Calculate net exports. (c) Calculate desired consumption. (d) Calculate absorption.
Neutral policy with respect to choice architecture is:
A. not a clear concept across different choice scenarios. B. well established in all choice scenarios. C. the goal of all choice architects. D. generally regulated by state and federal government.
A farm is able to produce 5,000 bushels of peaches per season on 100 acres. Assume it adds one more acre and is able to produce 6,000 bushels per season. The marginal product of the additional acre of land for this farm is:
A. 6,000 bushels per acre per year. B. 5,000 bushels per acre per year. C. 1,000 bushels per acre per year. D. 11,000 bushels per acre per year.