Let Kj and Lj denote the capital and labor stocks of country j (j = A,B), then country A is said to be capital abundant relative to country B if
A) KA > KB.
B) KA/LA > KB/LB.
C) LA < LB.
D) All of the above.
B
Economics
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If the economy is on its short-run Phillips curve at the natural unemployment rate, then in the AS-AD model, real GDP is definitely
A) decreasing. B) greater than potential GDP. C) less than potential GDP. D) increasing. E) equal to potential GDP.
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Which of the following is an intermediate product?
A. A road B. Steel C. Bread D. A TV set
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A representative unit that measures the want-satisfying power of a good is
A. purchasing power. B. a margin. C. income. D. a util.
Economics
No supply curve exists for a monopoly in the sense that a supply curve exists for a perfectly competitive firm.
Answer the following statement true (T) or false (F)
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