Differences in income can be accounted for by differences in:
a. age
b. education.
c. preferences toward leisure.
d. all of the above.
d
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The figure above illustrates Mary's production possibilities frontier. If Mary wants to move from point b to point c, she must
A) improve technology. B) increase the accumulation of capital. C) give up some of good Y in order to obtain more of good X. D) give up some of good X in order to obtain more of good Y.
Average product will fall as long as
A) marginal product is falling. B) it exceeds marginal product. C) it is less than marginal product. D) the number of workers is increasing.
The following economy produces two products.ProductsProduction Possibilities?ABCDEFSteel012345Wheat100907555300Refer to the above table. The total opportunity cost of the three units of steel is:
A. 45 units of wheat. B. 15 units of wheat. C. 20 units of wheat. D. 55 units of wheat.
In the balance of payments, the buying and selling of real and financial assets is represented in
A) current account. B) financial account. C) labor account. D) official reserve transactions account.