Which of the following does not shift the entire consumption function?
a. Net Wealth
b. Price Level
c. Interest Rates
d. Producer Expectations
d
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Refer to the production possibilities frontier in the figure above. If the country moves from point a to point c, the opportunity cost of the move is
A) 30 million capital goods. B) 20 million capital goods. C) 10 million capital goods. D) 10 million consumption goods.
Refer to Figure 5-1. The market equilibrium price is
A) $60. B) $50. C) $40. D) < $40.
Why do we analyze the steady state in the Malthusian model?
A) Because that is all we know how to do. B) Because there is a non-steady state that is not interesting. C) Because this is the Pareto optimum. D) Because the long run equilibrium of the model is the steady state.
If the per capita income of a country is growing at 3.5 percent per year, approximately how long will it take for that income to double?
a. 20 years b. 25 years c. 35 years d. 70 years