Related to the Economics in Practice on page 4: Economists estimate that over one's lifetime, a college degree holder will earn on average ________ someone with only a high school degree.
A. three times as much as
B. 27 percent more than
C. about 15 percent more than
D. almost 70 percent more than
Answer: D
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Net Domestic Product is derived by subtracting indirect business taxes from Gross Domestic Product
Indicate whether the statement is true or false
Assume that the government increases spending and finances the expenditures by borrowing in the domestic capital markets. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the quantity of real loanable funds per time period and the nominal value of the domestic currency in the context of the Three-Sector-Model?
a. The GDP Price Index rises, and nominal value of the domestic currency falls. b. The GDP Price Index falls, and nominal value of the domestic currency rises. c. The GDP Price Index rises, and nominal value of the domestic currency remains the same. d. The GDP Price Index rises, and nominal value of the domestic currency rises. e. There is not enough information to determine what happens to these two macroeconomic variables.
A price increase causes a consumer's "real" income to:
A. increase. B. remain unchanged. C. decrease. D. vary along the budget line.
In general, which of the following implies that a marginal cost curve will eventually increase as a firm produces more output?
A. A production function displaying increasing returns to scale B. The law of equimarginal returns C. Profit maximizing behavior by the firm D. The law of diminishing returns