Perfect competition is characterized by numerous firms.
Answer the following statement true (T) or false (F)
True
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Refer to Table 8-27. What is the level of personal income for this economy?
A) $1,140 billion B) $1,010 billion C) $990 billion D) $860 billion
The total payment to a lender for a one-period simple loan is
A) (P + i)n. B) P + i. C) i(1 + i). D) P(1 + i).
Which of the following individuals would be considered unemployed by the official government definition?
a. George, a mathematician, who returned to graduate school after failing to find a job the last four months b. Gwen, a medical student, who is still in college and is not working c. Morgan, who is employed part-time but desires a full-time job d. Ralph, an auto worker who was laid off at a General Motors plant and is looking for another job
Professor Plum, who earns $100,000 per year, read in the paper today that the university pays its basketball coach one million dollars per year in exchange for his agreement to remain at the university for at least three more years. The coach earns more than Professor Plum because:
A. universities value sports more than academics. B. the coach has more human capital than does Professor Plum. C. the coach is able to earn economic rent due to his unique talents. D. the demand for sporting events exceeds the demand for college degrees.