According to Robert Solow, the production function should be written as
A) Y = F(K, L, A). B) Y = F(K, L). C) Y = F(A, L). D) Y = F(K, A).
A
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One requirement for a firm pursuing a price-discrimination strategy is the ability to segment the market for its product. This means that
A) the firm must choose a marketing strategy that appeals to different segments of the economy. B) the firm must be able to divide the market in a way that makes arbitrage impossible. C) the firm must be willing to offer price discounts for senior citizens and children. D) the firm must set different prices for different regions where the product is sold.
A sharp increase in stock prices makes people much wealthier. If the main effect of this increased wealth is felt on labor supply, what happens to current employment and the real wage rate?
A) Both employment and the real wage rate would increase. B) Both employment and the real wage rate would decrease. C) Employment would increase and the real wage would decrease. D) Employment would decrease and the real wage would increase.
If the price level falls, what will happen to the aggregate supply curve?
A. It will shift outward. B. It will shift inward. C. Nothing. D. It will get steeper. E. It will get flatter.
An export subsidy imposed in a large exporting country will cause the country's international terms of trade to improve.
Answer the following statement true (T) or false (F)