When graphing the per worker production function, ________ is on the horizontal axis and ________ is on the vertical axis
A) labor; real GDP
B) the capital stock; real GDP
C) the capital-labor ratio; real GDP per worker
D) capital per worker; the labor force
C
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If a country chooses to have a monetary policy oriented toward domestic goals and a fixed exchange rate, then
A) it can have the freedom of international capital movements. B) it cannot have the freedom of international capital movements. C) it cannot balance its current account. D) it cannot have fiscal policy oriented toward domestic goals. E) it cannot control money supply growth.
Say that a consumer's income elasticity of demand over the relevant range is equal to 2 . When she has a monthly income of $2,000, she spends $600 on food. If her monthly income rose to $4,000, how much would she spend on food? a. $900
b. $1200. c. $1800. d. $2400.