Suppose the aggregate production function is represented by the following: Y = AN. Given this information, labor productivity is given by
A) Y.
B) N/A.
C) A/N.
D) A.
E) none of the above
D
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The percentage of the population that lived in urban areas rose from approximately 5% in 1790 to 40% in 1860
Indicate whether the statement is true or false
A model that is an oversimplification for one purpose will likely be an oversimplification for other purposes as well
a. True b. False Indicate whether the statement is true or false
IMF quotas
A) depend on the size of an economy and its strength. B) strictly limit the amount that a country can borrow. C) should be increased. D) are equal to the amount that a country can borrow from the IMF.
The Federal Reserve is blamed by some for the recession of 2007-2009 because it
A. raised interest rates too fast in 2005-2007. B. lowered interest rates too fast in 2008. C. kept interest rates too low prior to 2005 leading to a housing boom (that ultimately went bust). D. kept interest rates high in 2005-2007.