(Consider This) An exception to the advice "go to college, stay in college, and earn a degree" occurs when:
A. tuition expenses are high and rising.
B. the opportunity cost of attending college is extraordinarily high.
C. the price of textbooks is high and rising.
D. the economy is growing rapidly and jobs are plentiful.
Answer: B
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If the Phillips curve aids in forecasting inflation then
A) forecast errors from an alternative forecasting procedure should not be correlated with output fluctuations. B) there should be no correlation between forecast errors from an alternative forecasting procedure and output fluctuations. C) the Phillips curve is upward-sloping. D) the Phillips curve is downward-sloping.
In long-run equilibrium, every perfectly competitive firm
a. maximizes its output b. chooses its plant size and output level to operate at minimum long-run marginal cost c. chooses its plant size and output level to operate at minimum long-run average total cost d. earns an economic profit e. suffers an economic loss
Based on the graph showing the crowding-out effect, the crowding-out effect ______ aggregate demand.
a. increases
b. decreases
c. eliminates
d. has no effect on
Suppose the demand function is given by Qxd = 8Px0.5 Py0.25 M0.12 H. Then good x is:
A. perfectly inelastic. B. a normal good. C. an inferior good. D. a complement for good y.