A recent study by economists at the Federal Reserve Bank of New York estimates that over the period from 1970 to 2013, the average college graduate earned ________ more per year than the average person who had only a high school degree
A) $5,750 B) 13,275 C) $23,500 D) $44,400
C
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Which of the following budget items has generally declined as a percentage of GDP since 1960?
a. national defense spending b. Social Security spending c. Medicare spending d. Medicaid spending
If domestic producers have a comparative advantage in producing a good,
a. trade restrictions will be required before the producers can benefit from their comparative advantage. b. trade restrictions will still be required before the domestic producers can compete with low-wage producers abroad. c. they will be able to compete effectively in a competitive world market. d. the government should subsidize production of the good so the domestic producers will be able to achieve a larger share of the world market.
The introduction of the video cassette recorder in the 1970s exemplified a problem in measuring the cost of living; that problem is the problem of
a. substitution bias. b. product-improvement bias. c. introduction of new goods. d. unmeasured quality change.
Suppose that Canada decides to peg its dollar ($C, or the loonie) to the U.S. dollar at an exchange rate of $C1 = $US1. What will happen to Canadian interest rates as a result of the leftward shift of the U.S. IS curve?
A) They will rise. B) They will fall. C) They will not change. D) The IS curve will show an increase.