Daryn is raking leaves to earn money for his university's economics club. In the first hour, he rakes 8 bags of leaves. In the second hour, he rakes 6 bags of leaves. If he earns $8 per hour, the value of the marginal product of the second hour of labor is $16
a. True
b. False
Indicate whether the statement is true or false
False
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The per-worker production function has a ________ slope, indicating that increases in capital per hour worked ________ real GDP
A) positive; decrease B) negative; decrease C) positive; increase D) negative; increase
Please discuss the volume effect and the value effect in regards to how the current account will move given a change in the real exchange rate
What will be an ideal response?
When a good is excludable:
A. one person's consumption prevents or decreases others' ability to consume it. B. it is possible for sellers to prevent its use by those who have not paid for it. C. the government has specific import policies limiting its supply. D. consumers have a perception of scarcity of that good.
Most business cycle theories are
A. endogenous. B. exogenous. C. both endogenous and exogenous. D. neither exogenous nor endogenous.