The expression "terms of trade" refers to the:
A) rate at which a nation can trade its products for imported goods.
B) credit terms that an exporter extends to an importer.
C) period of time within which an importer can pay an exporter without incurring a finance charge.
D) terms on which an importer borrows from his bank in order to finance his purchases.
Ans: A) rate at which a nation can trade its products for imported goods.
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According to the textbook, people add to their stock of human capital by
A) divesting of their personal assets. B) investing in their personal skills. C) rearranging their pension portfolios. D) attempting to systematically reduce, rather than expand upon, their human capabilities. E) engaging in all the above.
The figure illustrates the market for bagels. Initially the market is in equilibrium, Then the number of bagels produced is cut from 20 to 10 an hour and the price rises to $2.00 per bagel. Consumer surplus decreases by ________
A) $5.00 an hour B) $2.50 an hour C) $7.50 an hour D) $0.50 a bagel
In the leisure-income model, taxing income causes
A. the budget constraint to kink. B. males to work to change their work habits dramatically. C. utility to increase. D. all of these answer options are correct.
Net Present Value measures the
a. total value of profits over the life of an investment b. discounted value of profits over the life of an investment c. discounted value of revenues over the life of an investment d. interest rate paid on funds borrowed for an investment e. none of the above