Determinants of income differences include all of the following EXCEPT
A. moral hazard.
B. marginal productivity.
C. discrimination.
D. age.
Answer: A
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Investment in human capital shifts the aggregate supply curve leftward.
Answer the following statement true (T) or false (F)
The figure below shows an IS-LM-FE model for an economy with fixed exchange rates. Initially the economy is at Point A, a triple intersection. Here, the FE curve is steeper than the LM curve.
At Point B, the economy is experiencing
A. an overall balance of payments that is in equilibrium. B. a surplus in the overall balance of payments. C. an expanding money supply. D. a deficit in the overall balance of payments.
The figure above shows the production possibilities frontier for a country. The opportunity cost of a gallon of milk between combination point A and B is
A) 1/3 of a gallon of ice cream for a gallon of milk. B) 4 gallons of ice cream for a gallon of milk. C) 1 gallon of ice cream for a gallon of milk. D) 3 gallons of ice cream for a gallon of milk. E) zero because at point A, zero milk is being produced.
Does a perfectly competitive producer have any incentive to lower its price so it is below the current market price? Explain your answer
What will be an ideal response?