Individual consumers supply ________ and purchase ________.
A. national goods and services; factors of production
B. intermediate goods; final goods and services
C. final goods and services; factors of production
D. factors of production; final goods and services
Answer: D
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The theory of purchasing power parity cannot fully explain exchange rate movements in the short run because
A) all goods are identical even if produced in different countries. B) monetary policy differs across countries. C) some goods are not traded between countries. D) fiscal policy differs across countries.
In the Solow growth model, if the level of investment is greater than depreciation at the initial capital-labor ratio , then ?k is ________ and the capital-labor ratio ________ toward the steady-state capital-labor ratio
A) greater than zero; increases B) greater than zero; decreases C) less than zero; increases D) less than zero; decreases
Which of the following is an example of detrimental externality?
A. A trailer’s entry onto an overcrowded road that delays the movement of other vehicles. B. Fall in demand for gasoline in the United States softens the price of gasoline in the global market. C. Government investment in energy generation from nonconventional sources. D. Society devotes huge quantity of its scarce resources for vital innovative activity.
A portion of a worker's earnings is economic rent if the worker
A. has skills that make him more productive than an unskilled worker. B. has been on the job for at least a year. C. would accept a small reduction in pay without quitting. D. was the last person hired at the going wage rate.