Money spent on college tuition is considered human capital by economists.
Answer the following statement true (T) or false (F)
True
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Suppose prices of personal computers fall significantly and consumers respond by buying more personal computers. The consumer price index
a. reflects this price decrease accurately. b. understates this price decrease due to the substitution bias. c. overstates this price decrease due to the income bias. d. overstates this price decrease due to the substitution bias.
Suppose that 90 percent of the firms selling good X charge the low price. If the remaining 10 percent of firms charge $50 per unit and the expected benefit of an additional search is $10, then the lowest price in the market for good X is:
A. $38.89. B. $10. C. $45. D. $0.
The federal income tax is consistent with the __________ principle of taxation, whereas an excise tax on sporting event tickets is consistent with the ___________ principle of taxation
A. benefits-received; ability-to-pay. B. benefits-received; pay-as-you-go. C. ability-to-pay; benefits-received. D. ability-to-pay; pay-as-you-go.
A checking account balance in a commercial bank is
A. an asset readily usable for most transactions. B. part of the currency supply. C. not liquid enough to be considered money. D. a time deposit.