The demand for labor is a derived demand.
Answer the following statement true (T) or false (F)
True
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According to this Application, which of the following is NOT a strategy that the government can pursue to address the rising cost of federal retirement and health care programs?
A) increase the age at which retirement benefits begin to be paid B) promote government saving and investment to increase real GDP over time C) borrow from the public to finance the programs D) reform the health care system to encourage more competition to reduce health care expenditures
Suppose the money supply is set to grow at 12%, real GDP grows at 4%, and the nominal interest rate on Aaa corporate bonds is 10%
Using the quantity theory of money and the Fisher equation, the expected real interest rate on Aaa corporate bonds should average A) -2%. B) 2%. C) 6%. D) 7%.
Estimates of the value of a college education to the student are that there is
A. a $30,000 per year benefit. B. a $330,000 net present value loss. C. an external benefit. D. a $330,000 net present value benefit.
Suppose the U.S. government encouraged new medical school graduates to take over existing practices from doctors wishing to retire by paying both the new and retiring doctors $100,000. These doctors would be exemplifying the economic idea that
A) people are rational. B) people respond to economic incentives. C) optimal decisions are made at the margin. D) equity is more important than efficiency.