As more or less inputs are used, the isocost line will shift ____ or _____ respectively
Fill in the blank(s) with the appropriate word(s).
Answer: out, in
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Briefly explain the shape of the per-worker production curve in the Solow model. If investment per worker initially exceeds saving per worker, how is the steady-state capital—labor ratio achieved?
What will be an ideal response?
Economists use the price index to eliminate year-to-year changes in GDP due solely to changes in: a. the exchange rate
b. the unemployment rate. c. fiscal spending. d. consumer demand. e. the price level.
If insurance companies knew how risk-averse their customers were:
A. diversification would not occur. B. risk pooling would not occur. C. policies would be perfectly diversified, resulting in lower premiums for everyone. D. adverse selection would not occur.
In the absence of trade, a country produces at a point where its production-possibility curve is tangent to the highest possible community indifference curve.
Answer the following statement true (T) or false (F)