Keynes argued thatI.Capitalism did not always lead to full employment.II.Nominal prices were more important than relative prices.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
Answer: A
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Which of the following correctly describes how the "global pie is baked"?
A) The United States' share of economic pie is increasing while China's share is decreasing. B) The increase in manufacturing has taken place in mainly the advanced economies. C) Asia accounts for about 40 percent of the global pie. D) Emerging economies account for about 25 percent of the global pie. E) Advanced economies account for about 50 percent of the value of the world's production.
Appendix: Auctions are used in place of markets when the items traded are unique (e.g., a Ming vase or a right to drill for oil). Which of the following examples are typically sold using Vickrey auction methods?
a. For-sale-by-owner houses b. Household furnishings c. Items sold in Filene's Basement, with the price discounted after a certain date d. Vintage postage stamps
A firm estimates its long-run production function to beQ = -0.0075K3L3 + 12K2L2Suppose the firm employs 12 units of capital. Marginal product when 10 units of labor are employed is
A. 14,287 B. 12,248 C. 13,142 D. 15,984 E. 30,672
Jobs lost to outsourcing can be partially offset by jobs gained from:
A. higher production costs. B. higher opportunity costs. C. greater trade imbalances. D. increased output from another industry.