In contrast with nominal GDP, real GDP refers to nominal GDP
a. minus exports.
b. minus personal income taxes.
c. corrected for price changes.
d. corrected for depreciation.
C
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Optimal decisions are made
A) if information about prices and marginal utilities is known. B) in the marketplace. C) at the margin. D) when marginal utility is minimized.
To an economist, the cost of a college education
a. includes the income that the student could have earned during the time spent in college. b. can be measured solely by the dollar cost of tuition, books, and other fees. c. includes only the cost of schooling, not the cost of housing and food. d. excludes financial aid in computation of the cost of schooling. e. All of the above are correct.
Where does most of personal income come from?
a. Personal Interest b. Transfer Payments c. Proprietor's Income d. Wages and Salaries
Which of the following combinations of real interest rates and inflation implies a nominal interest rate of 6 percent?
a. a real interest rate of 3 percent and an inflation rate of 2 percent. b. a real interest rate of 7 percent and an inflation rate of 1 percent. c. a real interest rate of 5 percent and an inflation rate of 1 percent. d. a real interest rate of 6 percent and an inflation rate of 1 percent.