The stored value of money over time should not change significantly as long as the level of inflation is:
A. high.
B. low.
C. adjusted by the government.
D. less than your pay increases.
Answer: B
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For an economist, the idea of making assumptions is regarded generally as a
a. bad idea, since doing so leads to the omission of important ideas and variables from economic models. b. bad idea, since doing so invariably leads to data-collection problems. c. good idea, since doing so helps to simplify the complex world and make it easier to understand. d. good idea, since economic analysis without assumptions leads to complicated results that the general public finds hard to understand.
There is no correlation between more years of schooling and increased earnings.
A. True B. False C. Uncertain
The term opportunity cost refers to the
A. Financial costs of all the factors of production used to produce a good or service. B. Value of every other good given up when a good or service is obtained. C. The most desired good or service given up when something is obtained. D. Amount of resources used to produce a good but not a service.