Empirical research suggests that the steepness of the aggregate supply curve depends on the
a. size of the multiplier.
b. interest rate.
c. level of wage rate.
d. amount of excess capacity in the economy.
d
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A profit-maximizing perfectly competitive firm should hire workers up to the point where labor's marginal revenue product equals the wage rate
Indicate whether the statement is true or false
In the Solow model, if f(k) = 2k0.5, s = 0.3, n = 0.05, and d = 0.15, what is the value of k at equilibrium?
A) 1 B) 3 C) 6 D) 9
The current account in a balance of payments records
a. all money flows among countries b. exports and imports of goods and services c. only the international transactions involving capital goods d. only the international transactions involving consumer goods e. only exports and imports purchased on credit
In a market economy, supply and demand determine both the quantity of each good produced and the price at which it is sold
a. True b. False Indicate whether the statement is true or false