Suppose s = 0.14, Y = 4000, K = 6200, n = 0.02, and d = 0.08. In this case, national saving is ________ than steady-state investment, so that the amount of capital per worker is ________
A) greater, rising
B) greater, falling
C) less, rising
D) less, falling
D
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In the figure above, when disposable income equals $20 trillion,
A) consumption expenditure is less than disposable income but it is not possible to determine if consumers are saving or dissaving. B) consumption expenditure is greater than disposable income, so consumers are saving. C) consumption expenditure is greater than disposable income, so consumers are dissaving. D) consumption expenditure is less than disposable income, so consumers are dissaving. E) consumption expenditure is less than disposable income, so consumers are saving.
The long-run average cost curve is the
A) change in total product divided by the change in capital when the quantity of labor is constant. B) change in output resulting from a one-unit increase in the quantity of capital. C) relationship between the lowest attainable average total cost and output when both the plant size and labor are varied. D) relationship between the lowest attainable average total cost and output when both the plant size and labor are fixed.
Consider the following payoff matrix facing Harry and Sally when each chooses to go to the coffee shop listed. Both Harry and Sally would like to meet each other but are shy about asking the other out on a date. Harry StarbucksDunkin DonutsSally StarbucksH: 1, S: 1H: 0, S: 0 Dunkin DonutsH: 0, S: 0H: 1, S: 1If Harry and Sally go to the coffee shop every day, what is Harry's best strategy?
A. Stay at home. B. Randomly choose between the two shops and hope Sally will end up there too. C. Harry has no best strategy. D. Choose one shop to go to and keep going to it.
A monopsonistic employer's marginal resource (labor) cost curve:
A. is always more elastic than the labor supply curve. B. coincides with the labor supply curve. C. lies below the labor supply curve because the higher wage paid to an additional worker must also be paid to all other employed workers. D. lies above the labor supply curve because the higher wage paid to an additional worker must also be paid to all other employed workers.