Education is an investment in human capital.
Answer the following statement true (T) or false (F)
True
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In the income-expenditure model, for each price level there is a different equilibrium output level. If we plot one such equilibrium output and price combination, we obtain
A) a point on the aggregate demand curve. B) the slope of the planned expenditures line. C) the slope of the entire aggregate demand curve. D) the aggregate demand curve.
Since World War II, world trade has
A) decreased in importance as nations turn inward due to security concerns. B) increased, but not as dramatically as annual world real GDP has climbed. C) risen sharply, outpacing gains in annual world real GDP. D) increased in relative importance for most nations, but not for the United States.
If the government decreases the income tax rate, then:
A. GDP will decrease. B. aggregate demand will shift left. C. aggregate demand will shift right. D. aggregate supply curve with shift to the right.
Reese has recently left her teaching job to open a bakery. The ______ is an example of the implicit costs of her bakery business.
a. rent she pays for the commercial space b. teaching salary she gave up to start her bakery c. monthly payments she makes for bakery equipment d. wages she pays her counter assistant