How does Gordon integrate the exogenous factors affecting economic growth into the production function for an economy?
A) Y = A(G,R,H) F(K,P,T,N)
B) Y = A(G,P,T) F(K,R,H,N)
C) Y = A(G,P,T,R) F(K,H,N)
D) Y = A(P,T,K) F(G,R,H,N)
B
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An increase in the expected future domestic exchange rate causes the demand for domestic assets to ________ and the domestic currency to ________, everything else held constant
A) increase; appreciate B) increase; depreciate C) decrease; appreciate D) decrease; depreciate
Firms that emit toxins into the air tend to
a. underproduce because the private cost of production exceeds the social cost b. overproduce because the social cost of production exceeds the private cost c. produce the same as nonpolluting firms d. produce at the socially optimal amount e. cover pollution costs in the product's price
A proponent of supply-side economics would advocate
a. reducing income taxes on saving. b. reducing tax credits for research and development. c. eliminating the depreciation allowance. d. increasing the corporate income tax.
Which of the following is correct?
a. Incomes tend to be high for young workers. b. Incomes tend to rise sharply at retirement. c. Incomes tend to peak at around age 50. d. Current income is more equally distributed than permanent income.