In the Solow model, if f(k) = 6k0.5, s = 0.1, n = 0.1, and d = 0.2, what is the value of c at equilibrium?
A) 10
B) 10.4
C) 10.8
D) 11.2
C
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Making use of an economic model is a process of
A) solving hundreds of simultaneous equations. B) running experiments to determine how changes in the endogenous variables will change the exogenous variables. C) running experiments to determine how changes in the exogenous variables will change the endogenous variables. D) resolving inconsistencies in the actions of economic agents.
Revenue equivalence ________ hold when the item being auctioned has independent private values and ________ hold when the item being auctioned has a common value.
A) does not; does not B) does; does not C) does; does D) does not; does
The U.S. Postal Service enjoys a monopoly position because of patent rights
a. True b. False Indicate whether the statement is true or false
If Sam receives a pay cut and the income effect outweighs the price effect on his labor supply decision, he will:
A. work the same hours no matter what. B. quit and not work at all. C. work less hours. D. work more hours.