An external benefit is created when you pursue a college education
Indicate whether the statement is true or false
TRUE
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Suppose the price of beans rises from $1.00 a pound to $2.00 a pound, quantity demanded falls from 10 units to 6 units. In this example, the demand for beans is said to be
A) relatively elastic. B) relatively inelastic. C) perfectly elastic. D) perfectly inelastic.
Suppose the nominal interest rate is 4 percent annually, and you deposit $1,000. Inflation in the economy throughout the year is 5 percent. At the end of the year, you have earned:
A. a real rate of return of 1 percent. B. an increase in your purchasing power. C. a nominal increase in your savings of $40. D. All of these statements are true.
Say that a consumer's income elasticity of demand over the relevant range is equal to 2 . When she has a monthly income of $2,000, she spends $600 on food. If her monthly income rose to $4,000, how much would she spend on food? a. $900
b. $1200. c. $1800. d. $2400.
A principal disadvantage of conventional checking accounts compared to money market mutual funds is that checking accounts
A. are less liquid. B. often do not pay interest. C. cannot be used as a store of value. D. are not insured by deposit insurance.