Teacher pensions in the U.S. are frequently defined by the "________" clause.
A. rule of 60
B. rule of 65
C. rule of 85
D. rule of 70
Answer: C
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If income increases by 2.0 percent, and quantity demanded of a good increases by 0.2 percent, the income elasticity for the good is
A) 0.22. B) 0.002. C) 0.10. D) 1.00.
When Jack consumes the first bottle of water, his utility increases by 20 utils. The second bottle of water increases his utility by 18 utils, and the third bottle of water increases his utility by 15 utils. This implies that the marginal utility of the second bottle of water is _____
a. 15 utils b. 18 utils c. 20 utils d. 24 utils
The difference between zero accounting profit and zero economic profit is that
a. economists include opportunity cost in zero economic profit, while accountants do not include opportunity cost in zero accounting profit. b. economists do not include opportunity cost in zero economic profit, while accountants do include opportunity cost in zero accounting profit. c. economists include opportunity cost in zero accounting profit, while accountants do not include opportunity cost in zero economic profit. d. economists do not include opportunity cost in zero accounting profit, while accountants do include opportunity cost in zero economic profit.
A positive externality is the positive effect that:
A. an action has on others that is not taken into account by the decision maker. B. external forces have on society as a whole. C. external forces have on a decision maker. D. an action has on the decision maker.