What is an economic variable? Give an example of an economic variable
What will be an ideal response?
An economic variable is something measurable that can have different values, such as the wages of software programmers. (Students will give many different examples.)
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In the current year, the CPI is 122 and during the previous year the CPI was 115. The inflation rate between these years is
A) -5.7 percent. B) -6.1 percent. C) 6.1 percent. D) 5.7 percent. E) 1.61 percent.
How does the labor-leisure trade-off determine the supply of labor?
What will be an ideal response?
Refer to Figure 9.8. With no government interference, the country pictured will
A) import 500 tons of sugar. B) import 300 tons of sugar. C) import 200 tons of sugar. D) import no sugar. E) export sugar.
In 1972, a very controversial study asserted that income differences among individuals did not depend on genetic differences in reasoning ability, or differences between schools, or family background. Moreover, the effects of level of schooling are much less than previously understood. After controlling for all of these background variables, much of the variation in earnings appeared to be random. From this analysis, one might reach the very controversial conclusion that earnings depended to a very great extent on
A. human capital. B. ability. C. schooling. D. luck.