If output per worker in a steady state is $30,000, depreciation is 13%, the population growth rate is two percent, and the saving rate is 20%, what is the steady state capital-labor ratio?
A) $10,500
B) $85,714
C) $22,500
D) $40,000
D
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In the long run, we typically assume that ________
A) capital, labor, and technology are independent of the level of inflation B) the natural rate of unemployment is independent of the level of inflation C) aggregate supply is fixed and independent of the level of inflation D) all of the above E) none of the above
The ratio of the prices of two goods measures
A. the rate at which a consumer is willing to substitute one good for another in the market. B. the marginal rate of substitution of X for Y. C. the rate at which a consumer is able to substitute one good for another in the market. D. both a and c E. both b and c
Discrimination based on institutional factors occurs when:
A. women postpone having children in order to succeed professionally. B. women remain in low-paying jobs because of family responsibilities. C. employers hire a man who is more qualified than a woman. D. employers pay women less than men for doing the same job.
Suppose after the semester ends, you take a trip to a tropical island. Upon arriving at the island, you make a stop at one of the markets and notice that everyone is carrying around jars full of little turtles. You also notice the person in line in front of you just paid for a bottle of rum with 6 turtles. Someone else just bought a straw hat for 2 turtles. Thinking back to your economics class, you would conclude that:
A. this is a barter economy. B. those little turtles are being used as money. C. turtles are valueless. D. turtle soup is a delicacy.