When measuring the benefits from investing in human capital
A) the only benefits come from the increase in salary because of going to school.
B) in addition to the monetary benefits, the benefit from expanding horizons should be included.
C) we must include the costs of tuition and books but not the money made from part-time jobs.
D) we must include the foregone earnings in the benefit calculation.
Answer: B
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
“Supply creates its own demand” is an expression of
a. the quantity theory of money. b. monetarism. c. Say’s Law. d. the Keynesian critique of classical economics.
Imposing a quota on metal softball bats shipped into the United States would likely:
a. increase the price of the bats but decrease the quantity of domestically made bats purchased in the United States. b. increase the price of the bats and the quantity of domestically made bats purchased in the United States c. leave the price of the bats unchanged but decrease the quantity purchased in the United States. d. leave both the price of bats and the quantity purchased in the United States unchanged.
In the long-run, a monopolist charges the same price as a perfectly competitive firm.
Answer the following statement true (T) or false (F)