Economists Novy-Marx and Rauh contend that states are
A. accurately stating their pension liabilities.
B. accurately stating the value of their assets but understating the value of their pension liabilities.
C. understating the value of both their assets and liabilities.
D. accurately stating the value of their assets but overstating the value of their pension liabilities.
Answer: B
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A firm uses two factors of production. Irrespective of how much of each factor is used, both factors always have positive marginal products which imply that
A) isoquants are relevant only in the long run B) isoquants have negative slope C) isoquants are convex D) isoquants can become vertical or horizontal E) none of the above
The domestic demand and supply for sugar are Qd = 700 ? 2P and QSD = 100 + 4P. The foreign supply is QSF = 150 + 3P. Suppose an import quota of 100 is imposed in the domestic market. How many units of sugar will domestic producers supply after the quota is imposed?
A. 500 B. 560 C. 350 D. 640
Minimum wages are examples of
A) a price floor. B) a price ceiling. C) the rationing function of prices not working. D) government increasing the demand for certain products.
Which of these is the best measure of the average standard of living in an economy?
a. The unemployment rate b. Nominal income c. Real GDP d. National debt e. Real GDP per capita