Which of the following is always correct?
a. Y - I = NCO
b. NCO = NX
c. NX = I
d. All of the above are correct.
b
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Refer to Table 2-11. South Korea has a comparative advantage in the production of
A) digital cameras. B) wheat. C) both products. D) neither product.
One important reason why the Solow residual may be strongly procyclical even if the actual technology used in production doesn't change is that
A) employment is procyclical. B) resource utilization is procyclical. C) demand shocks are the dominant force determining the business cycle. D) the coefficients (a and 1 - a) on capital and labor in the production function are procyclical.
Tax influence of the elasticity of supply
What will be an ideal response?
The long-lived physical equipment and structures that a business uses in its production process are called
A. functions. B. capital. C. land. D. inventory.