According to classical economists, government intervention is:
a. necessary to maintain a stable price level in the long run.
b. necessary to maintain a stable price level in the short run.
c. necessary to maintain full employment in the long run.
d. necessary to maintain full employment in the short run.
e. not necessary to maintain full employment.
e
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Newland's net exports for a certain year equal -$2.2 billion, net factor payments from abroad equal $1.3 billion, and net transfers from abroad equal $0.5 billion. What will be the balance in Newland's financial account for the year?
What will be an ideal response?
Which of the following conditions must hold if a consumer is maximizing her utility?
A. MUX × PX = MUY × PY B. MUX = MUY C. MUX/PY = MUY/PX D. MUX/PX = MUY/PY
In a competitive labor market, the equilibrium wage rate is determined by:
A. labor demand and labor supply. B. government regulation. C. employees. D. employers.
Assuming a competitive resource market, a firm is hiring resources in the profit-maximizing amounts when the:
A. firm's total outlay on resources is minimized. B. marginal revenue product of each resource is equal to its price. C. price of each resource employed is the same. D. marginal revenue product of the last unit of each resource hired is the same.