In her calculation of the cost of going to college, an economist would include the amount of forgone earnings over the years spent at college
a. True
b. False
Indicate whether the statement is true or false
True
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A risk-averse person's marginal utility of wealth
A) increases as wealth increases. B) decreases as wealth increases. C) is constant. D) is negative.
The price elasticities of supply and demand affect
a. both the size of the deadweight loss from a tax and the tax incidence. b. the size of the deadweight loss from a tax but not the tax incidence. c. the tax incidence but not the size of the deadweight loss from a tax. d. neither the size of the deadweight loss from a tax nor the tax incidence.
We can measure total consumer surplus for good X as the:
A. area above the supply curve for X. B. area bounded by the demand curve for X and the two axes. C. area above the demand curve for X and below the price paid for X. D. sum of the individual consumer surpluses for all buyers of X.
By the mid-1980s, the United States
A. changed from a creditor nation to a debtor nation. B. was neither a creditor nation or a debtor nation, as its current account and capital account were both valued at zero. C. was both a creditor nation and a debtor nation, as its balance of payments was equal to zero. D. changed from a debtor nation to a creditor nation.