The goal of the representative firm is to
A) hire as much labor as possible.
B) maximize revenue.
C) minimize labor costs.
D) maximize profits.
D
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A positive technological change will cause the supply of a good to increase
Indicate whether the statement is true or false
In a small European country, it is estimated that changing the level of capital from $8 million to $10 million will increase real GDP from $2 million to $3 million
If the number of hours worked in the labor force does not change, what does this information tell you about the slope of the per-worker production function in this range? A) The slope is -2. B) The slope is 1/2. C) The slope is 2. D) The slope is 4.
Critics of the World Bank's analysis of East Asian industrial policies argue that
A) even though growth was faster in the non-targeted industries than it was in the targeted ones, the policies were essential to overall economic growth. B) growth was faster in nearly every targeted industries than it was in the non-targeted ones. C) even though growth was the same in the targeted industries as it was in the non-targeted ones, they would have grown slower without the policies. D) growth was slower in the targeted industries; hence the policies did not work. E) measurements of economic growth are invalid and cannot be used to make comparisons between industries.
Monetizing the debt occurs when ________
A) government securities are issued B) government securities are sold by the central bank C) government securities are bought by the central bank D) tax revenues fall short of government expenditures