To determine GDP from the production function, we need to know
A) the quantity of labor employed.
B) the quantity of labor available for work.
C) the unemployment rate.
D) the quantity of labor supplied by firms.
E) the real wage rate.
A
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In the case of an external benefit generated by an activity, such as education, a private subsidy for that activity can achieve an efficient outcome
Indicate whether the statement is true or false
An important function of international institutions during times of crisis is to
A) make goods nonrival. B) make goods nonexcludable. C) prevent free riding. D) prevent nondiscrimination. E) encourage free riding.
If a demand curve for a good were completely vertical, it would be considered:
a. perfectly elastic. b. perfectly inelastic. c. of unitary elasticity. d. relatively inelastic.
Countercyclical fiscal policy is
a. fiscal policy designed to intensify the business cycle in the same way that we fight fire with fire b. fiscal policy designed to moderate the severity of the business cycle c. fiscal policy designed to make the economy grow faster than the rate of growth represented by the long term trend d. fiscal policy that does not depend on government intervention in the economy e. fiscal policy that moves in one direction only: increases in government spending that are designed to make the economy grow faster