Which of the following was not invented centuries ago in China?
A. Gunpowder
B. The wheelbarrow
C. Printing with movable type
D. Winding clocks
Answer: D
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Since the policy will be implemented over time, economists assume that per resident benefits will accrue in increments of $500 (in real terms) at the end of each of the next three years. Find the present value of benefits (PVB) in nominal terms for each resident, assuming an annual inflation rate of 4% and a nominal annual discount rate of 9%.
The Los Angeles area has long been plagued by urban smog. Suppose that one of several ozone-reducing policy options is being evaluated by economists using benefit-cost analysis.
Looking at the supply-side effects on aggregate supply shows that a tax hike on labor income
A) decreases potential GDP. B) weakens the incentive to work. C) increases potential GDP because people work more to pay the higher taxes. D) Both answers A and B are correct. E) None of the above is correct.
If the 1989 salary in 2009 dollars is $147,951, how do we interpret this?
A. The salary earned in 1989 could have purchased the same amount of goods as $147,951 could buy in 2009.
B. It would take $147,951 in 2009 to buy the same amount of goods that was purchased in 1989 with $85,529.
C. Someone earning $85,529 in 1989 would be as well off if he were earning $147,951 in 2009.
D. All of these interpretations are correct.
Mean Absolute Deviation (MAD) is not always the best in assessing a forecast model accuracy
A. True B. False