Given their skills and knowledge, mine workers earn higher incomes than they would in another occupation. This is partly because:
A. mine workers have a higher risk of injury or death.
B. few people have the skills and knowledge required for mining works.
C. the skills required of mine workers can be acquired through costly training.
D. All of these
Answer: A
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The effect of a government subsidy in a market where a positive externality is present is:
A. to make consumers internalize the external benefit. B. to increase efficiency. C. to increase surplus. D. All of these statements are true.
Money aggregates can best be defined as a set of measures of the amount of:
A. U.S. currency the Bureau of Printing and Engraving has produced. B. money the Federal Reserve has on deposit as reserves. C. money available to the economy over a year. D. money that exists at a particular point in time.
In the aggregate expenditures model, which of the following variables is assumed to be independent of real GDP?
A) Investment B) Profit C) Saving D) Consumption
The highest quintile of households in the income distribution:
A. receives about 51 percent of the total income. B. is comprised of 10 percent of all households. C. is comprised of 5 percent of all households. D. receives about 43 percent of the total income.