A fact based on observable phenomenon that is not influenced by differences in personal opinion is called
a. an objective concept.
b. a subjective concept.
c. an unintended consequence.
d. ceteris paribus.
A
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Which expression best represents the break-even level of investment when incorporating labor-augmenting technological change into the Solow growth model?
A) (d + n + g)k B) (d + n)k C) (d + n ) / (k + g) D) (d + n + k) / (gk)
At $10 a sculpture, an art dealer supplies 50 copies of a sculpture, but there is demand for 30 more. The art dealer has a ______.
a. shortage of 30 b. shortage of 20 c. surplus of 30 d. surplus of 20
If an increase in consumer incomes causes the demand curve for product Q to shift to the right, then it can be said that product Q is a(n):
a. Inferior good b. Normal good c. Luxury good d. Inexpensive good
The leader of the monetarist school and major proponent of a monetary growth rule was
A) Ben Bernanke. B) Milton Friedman. C) Alan Greenspan. D) Paul Volcker.