An increase in the number of hours worked would
a. shift the production function upward.
b. shift the production function downward.
c. shift the production function outward.
d. not shift the production function.
d
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Suppose the government of South Island fixes the exchange rate of its currency, the Islandia, in terms of the U.S. dollar. Initially the exchange rate is set at $1 per Islandia. Later the government changes the exchange rate to $2 per Islandia. This is an example of a(n):
A. appreciation B. devaluation C. depreciation D. revaluation
The above figure shows the market for a particular good. If the market is controlled by a perfect-price-discriminating monopoly, social welfare equals
A) A. B) A + B + C. C) A + B + C + D + E. D) zero.
A decrease in government spending
a. increases the interest rate and so investment spending increases. b. increases the interest rate and so decreases investment spending decreases. c. decreases the interest rate and so investment spending increases. d. decreases the interest rate and so investment spending decreases.
A firm will use land up to the point at which the MRP of land is equal to the price of land.
Answer the following statement true (T) or false (F)