The percentage of the world's population that lives in the advanced economies is
A) between 20 percent and 30 percent.
B) between 51 percent and 70 percent.
C) more than 71 percent.
D) between 31 percent and 50 percent.
E) less than 20 percent.
E
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Assume that the government increases spending and finances the expenditures by borrowing in the domestic capital markets. If the nation has highly mobile international capital markets and a flexible exchange rate system, what happens to the real risk-free interest rate and the nominal value of the domestic currency in the context of the Three-Sector-Model?
a. The real risk-free interest rate rises, and nominal value of the domestic currency falls. b. The real risk-free interest rate rises, and nominal value of the domestic currency remains the same. c. There is not enough information to determine what happens to these two macroeconomic variables. d. The real risk-free interest rate rises, and nominal value of the domestic currency rises. e. The real risk-free interest rate falls, and nominal value of the domestic currency falls.
(Appendix) In the production function Q = 10L1/2K1/2, calculate the slope of the isoquant when the entrepreneur is producing efficiently with 9 laborers and 16 units of capital. (Hint: The slope of the isoquant = the ratio of the marginal product of labor to the marginal product of capital.)
What will be an ideal response?
A firm is currently operating where the MC of the last unit produced = $64, and the MR of this unit = $70. What would you advise this firm to do?
A. Shut down. B. Increase output. C. Stay at current output. D. Decrease output.
Which of the following is NOT a characteristic of a centrally planned economy?
A. Consumers vote with their dollars thus guiding resources to produce what the society wants. B. Government sets the prices. C. The government decides how much of each good should be produced. D. All of these statements are characteristics of centrally planned economy.