Which of the following would lead to a depreciating dollar?
A. A higher federal deficit
B. Lower interest rates
C. Higher interest rates
D. Contractionary monetary policy
Answer: B
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A cost incurred in the production of a good or service and for which the firm does not need to make a direct monetary payment, is referred to as ________ cost
A) a minimized B) a maximized C) an explicit D) an implicit E) an invisible
In theory, differences in output across economies and over time might be the result of differences in either capital input, labor input, or productivity
The evidence points clearly to productivity as a more likely and powerful source of growth differences. Which aspects of the Solow growth model help to explain why the inputs of capital and labor contribute little to growth of output, relative to productivity?