Which of the following has been shown to improve the likelihood of accumulating wealth?
a. Earning a college degree
b. Investing in bonds and stocks
c. Getting married later in life
d. Putting money in a checking account
a. Earning a college degree
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Refer to Figure 24-1. Ceteris paribus, a decrease in the growth rate of domestic GDP relative to the growth rate of foreign GDP would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
The effect of legislation establishing a minimum wage above the market clearing wage is
A) unemployment. B) a shortage of labor. C) higher wages for all workers. D) a shift of the demand for labor curve.
In recent years, wireless cellular telephones have been replacing land-line phone service. This is an example of
What will be an ideal response?
Suppose that a business incurred implicit costs of $500,000 and explicit costs of $5 million in a specific year. If the firm sold 100,000 units of its output at $50 per unit, its accounting:
A. profits were $100,000 and its economic profits were zero. B. losses were $500,000 and its economic losses were zero. C. profits were $500,000 and its economic profits were $1 million. D. profits were zero and its economic losses were $500,000.