Fixed exchange rates are determined in free markets by the forces of demand and supply
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to the Article Summary. The article discusses income inequality, and for some people this means a more equitable distribution of income is needed in the economy. Would an equitable distribution of income necessarily be the most efficient distribution of income?
A) No, it is impossible to have an economically efficient distribution which is also an equitable distribution. B) No, an economically efficient distribution of income would not necessarily be equitable. C) Yes, in order for the distribution to be equitable, it must also be efficient. D) Yes, equitable and efficient are two different words which have the same definition.
Marginal revenue is
a. total revenue minus total cost b. total revenue divided by quantity of output c. the change in total revenue divided by the change in output d. the change in total revenue divided by the change in the quantity of an input used e. economic profit
The level of the capital-labor ratio that maximizes consumption per worker in the steady state is known as the
A. dynamically efficient capital-labor ratio. B. Solow residual capital-labor ratio. C. Golden Rule capital-labor ratio. D. q theory capital-labor ratio.
Use the information provided in Table 7.2 below to answer the question(s) that follow.
Table 7.2Inputs Required to Produce a Product Using Alternative Technologies
Refer to Table 7.2. If the hourly price of capital is $30 and the hourly wage rate is $5, which production technology should be selected?
A. A B. B C. C D. D