In a steady state,
A. consumption per worker can change, but the capital-labor ratio is constant.
B. capital and labor, by definition, are inversely related to one another.
C. both consumption per worker and the capital-labor ratio are constant.
D. consumption per worker is constant, but the capital-labor ratio can change.
Answer: C
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If the U.S. dollar becomes weaker in international foreign exchange markets, imported goods become more expensive. One result of this is that
A) domestic employment rises. B) net exports increase. C) real Gross Domestic Product (GDP) increases. D) net exports decrease.
An example of a free good is
a. public education. b. CARE packages provided free to poor people overseas. c. the water bubbling up from the natural spring in your backyard. d. the ride you give a hitchhiker.
Given the accelerationist Phillips curve ?? = - 0.3 (U - 6 ) + ?, suppose that inflation in the preceding period was 3 percent, unemployment is 6 percent, and there is a price shock of 2 percent. The current inflation rate is ________
A) 3 percent B) 0.2 percent C) 5 percent D) 1 percent E) none of the above
The BankInc case shows the potential of shifting from ________ tasks to ________ task assignments.
A. broad; specialized B. broad; functional C. functional; geographic D. specialized; broad