Nicky makes $25,000 a year as a sales clerk. He then decides to quit his job to enter a MBA program full-time (assume Nicky doesn't work in the summer or hold any part-time jobs). His tuition, books, living expenses, and fees total $15,000 a year. Given this information, the annual total cost of Nicky's MBA studies is:
a. $10,000.
b. $30,000.
c. $40,000.
d. $15,000.
e. $25,000.
c
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We shouldn't be concerned about U.S. currency held abroad because
A) the currency will never return to the United States. B) foreigners use it to buy U.S. bonds. C) it represents an interest-free loan to the United States. D) foreigners can't spend it in their own countries.
The cross-price elasticity between a pair of complementary goods will be
A) positive. B) negative. C) zero. D) positive or zero depending upon the strength of the relationship.
Without an accepted medium of exchange
A) people would have to rely on gold or silver in order to exchange goods and services. B) goods and services would be exchanged by barter. C) prices are very difficult to determine. D) there would be no trade.
If potential output exceeds actual output, ________ shifts downward over time.
A. the short-run AS curve B. the short-run AD curve C. the long-run AS curve D. the long-run AD curve