To an economist, the cost of a college education
a. includes the income that the student could have earned during the time spent in college.
b. can be measured solely by the dollar cost of tuition, books, and other fees.
c. includes only the cost of schooling, not the cost of housing and food.
d. excludes financial aid in computation of the cost of schooling.
e. All of the above are correct.
a
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Answer the following statements true (T) or false (F)
1. Minor cycles have fluctuations which are noticeable and severe. 2. The measurement of a business cycle is obtained by adjusting the real GDP for seasonal variation, the trend, and random fluctuations. 3. Since the Great Depression, business cycles have not been an issue in the United States. 4. A hurricane is considered an external force in business cycle analysis. 5. The period when the level of business activity has dropped as far as it is going to drop in a particular business cycle is known as the trough.
Which of the following are the three fundamental economic questions?
a. What to produce, when to produce, and where to produce b. What time to produce, what place to produce, and how to produce c. What to produce, when to produce, and for whom to produce d. What to produce, how to produce, and for whom to produce
At what price would Juan and the other producers supply the largest quantity of coffee?
a. $2 per pound
b. $3 per pound
c. $4 per pound
d. $5 per pound
A rise in the U.S. price level will cause:
A. both exports and imports to increase. B. exports to decrease and imports to increase. C. exports to increase and imports to decrease. D. both exports and imports to decrease.