In the aggregate model, ___ has both an autonomous component and an induced component
Fill in the blank(s) with the appropriate word(s).
consumption spending
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A perfectly competitive firm will shut down rather than produce if its
A) price is less than average variable cost. B) price is less than total variable cost. C) total revenue is less than total cost. D) price is less than marginal cost.
There is evidence that income per worker is converging in
A) the richest countries and the poorest countries. B) the richest countries, but not the poorest countries. C) the poorest countries, but not the richest countries. D) neither the richest nor the poorest countries.
The theorem that suggests that politicians maximize their votes by taking the policy position preferred by the median voter, under certain conditions is called the:
A. average voter theorem. B. mid-voter theorem. C. median-voter theorem. D. moderate vote theorem.
Jennifer has just finished high school and is deciding whether to start working or go to college. She has already been offered a job that pays $35,000 a year. Four years of college will cost $12,000 each year. She would earn an extra $20,000 each year after she graduates for the 45 years she plans on working until she retires. Assume that the interest rate is 8.5%. What is the net present value of the decision to invest in college?
A. $136,877 B. $126,154 C. $12,487 D. $11,508