In the context of Ireland's Balance of Payments, what does the term "patent cliff" refer to?
(a) The large number of FDI companies in Ireland.
(b) A drop in exports attributed to the pharmaceutical sector.
(c) Plummeting unemployment levels.
(d) A depreciating currency.
Answer: (b) A drop in exports attributed to the pharmaceutical sector.
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During the colonial period, individual producers
(a) were never required to produce specific goods or services. (b) were, at times, required by colonial officials to produce certain staples if they wanted to produce cash crops. For example, the early governors of Virginia directed tobacco producers to also plant wheat. (c) produced only what they were directed to produce by colonial officials as part of an overall plan of colonial development. (d) received orders directly from England to produce what was viewed as most valuable to England.
The cost, c, of a college education that serves only as a signal of a high-quality worker is $10,000. The wage of a known high-quality worker, wh, is $30,000. The wage for a known low-quality worker, wl, is $10,000
For what value of the share of the work force that is of high quality, s, is a pooling equilibrium possible? A) s > 0.5 B) s = 0 C) s = 0.25 D) s < 0.45
The fact that the aggregate demand curve slopes downward means that aggregate expenditures increase when the price level decreases
a. True b. False Indicate whether the statement is true or false
According to many economists, production that occurs in the underground economy
a. has no market value and therefore should not be included in GDP b. is given too much weight by the Bureau of Economic Analysis, causing GDP to overstate true output c. consists exclusively of illegal production activities such as drug selling and prostitution d. is accurately accounted for by the Bureau of Economic Analysis in its measurement of GDP e. is given insufficient weight by the Bureau of Economic Analysis, causing GDP statistics to understate true output