An economist would describe college fees as
a. an investment in human capital.
b. a transfer payment.
c. a waste of parents' money.
d. an economic loss.
a
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Assume a closed economy, that taxes are fixed, and the marginal propensity to consume is equal to 0.8. What is the government spending multiplier?
A) 10 B) 5 C) 4 D) 3
The "fooling" model was developed by economist
A) Milton Friedman. B) Edward Prescott. C) Robert Lucas, Jr. D) John Maynard Keynes. E) Charles Bogle.
Dynamic tax analysis is based on the recognition that as tax rates are increased
A) tax revenue collections will eventually decline. B) tax revenue collections will continually increase. C) tax revenue collections will change at the same rate as the tax rates. D) tax revenue collections will increase at a faster rate than the tax rate change.
Because households have limited incomes, they must
a. rarely take vacations b. live below the poverty line c. allocate their spending carefully d. gamble in casinos frequently e. save for the future