According to human capital theory, which of the following is not a reason college graduates earn more than those with only a high school degree?
A. College graduates insist on a financial return on their human investments.
B. College graduates are made more productive by their greater training.
C. Jobs that require more education must pay higher wages to attract enough workers.
D. Income effects are higher for jobs requiring more education.
Answer: D
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The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5.If this economy is open to trade, and the world price of a car is $6,000, and the government imposes a quota allowing 3000 cars to be imported, then domestic price of the car will be ________.
A. $6,000 B. $5,000 C. $10,000 D. $8,000
Which of the following is not a reason why the Industrial Revolution occurred when and where it did?
A) The British government was able to more easily seize wealth. B) Institutional changes by the British government helped protect wealth. C) The British government was committed to upholding private property rights. D) The British government was able to eliminate arbitrary increases in taxes.
Answer the next question on the basis of the following information: Three goods are produced in an economy in the following amounts: A = 10, B = 30, C = 5. The current year per unit prices of these three goods are A = $2, B = $3, and C = $1.Nominal GDP in the current year is ________.
A. $110 B. $115 C. $90 D. $45
Equilibrium real income is more stable in the face of aggregate autonomous expenditure variability under
A) a floating exchange rate. B) a pegged exchange rate. C) a fixed exchange rate. D) perfect capital mobility systems.