A countercyclical policy says that an economic boom is a more appropriate time for lowering taxes and increasing spending
a. True
b. False
Indicate whether the statement is true or false
False
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Your grandfather tells you that he earned $7,000/year in his first job in 1961. You earn $35,000/year in your first job in 2016. You know that average prices have risen steadily since 1961. You earn
A) more than 5 times as much as your grandfather in terms of real income. B) less than 5 times as much as your grandfather in terms of real income. C) less than 5 times as much as your grandfather in terms of nominal income. D) 5 times as much as your grandfather in terms of real income.
Individuals are forced to make choices because
a. wants are unlimited. b. the supply of resources is infinite. c. wants are unlimited and resources are scarce. d. resources exceed wants.
Why is a college graduate more likely to get a job in management than is someone with only a high school diploma, even when the job has nothing to do with a specific type of education?
A firm in a monopolistically competitive market is usually indifferent to an additional customer walking through the door, since a sale to that customer will not increase the firm's profit
a. True b. False Indicate whether the statement is true or false