Which of the following is not a country that has more people over the age of 65 than under the age of 15?
a. Italy
b. Japan
c. Burundi
d. Germany
e. Portugal
C
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Refer to Figure 14.1. The income effect of the wage increase on the amount of hours of leisure is:
A) L0 to L2. B) L0 to L1. C) L1 to L2. D) L2 to L1. E) none of the above
A problem with using fiscal policy to fine-tune the economy is that
A) agreeing on the appropriate fiscal policy is time consuming. B) fiscal policy impacts the economy too fast. C) fiscal policy impacts only urban areas of the nation. D) fiscal policy impacts only the largest states in the nation.
The net present value of $1,000 received one year from now will
a. increase with the interest rate. b. exceed $1,000 as long as the interest rate is positive. c. exceed the net present value of $1,000 to be received two years from now. d. equal $1,100 if the current interest (discount) rate is 10 percent.
If Farmer Sam MacDonald can produce 200 pounds of cabbages and 0 pounds of potatoes or 0 pounds of cabbages and 100 pounds of potatoes and faces a linear possibilities curve for his farm, the opportunity cost of producing an additional pound of cabbage is ____
A) 1/2 B) 2 C) 100 D) 200