All else being equal, a permanent decrease in the saving rate in a steady-state economy would cause
A. an increase in the capital-labor ratio and a decrease in consumption per worker.
B. an increase in the capital-labor ratio and an increase in consumption per worker.
C. a decrease in the capital-labor ratio and a decrease in consumption per worker.
D. a decrease in the capital-labor ratio and an increase in consumption per worker.
Answer: C
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If a market system is functioning well, we can conclude that goods with
A. high opportunity costs tend to have high money costs. B. low opportunity costs tend to have high money costs. C. high opportunity costs tend to have low money costs. D. low opportunity costs tend to have zero money costs. E. high opportunity costs tend to have zero money costs.
By the end of the colonial period, the Middle Colonies' population gained over New England but the Southern population continued to dominate
Indicate whether the statement is true or false
General equilibrium analysis
A. concerns competitive equilibrium only in the factor markets. B. concerns competitive equilibrium only in the product markets. C. concerns competitive equilibrium in a single market, considered in isolation. D. is the study of competitive equilibrium in many markets at the same time.
The order condition is a necessary and sufficient condition for identification of an equation in a simultaneous equations model.
Answer the following statement true (T) or false (F)