Refer to Scenario 12.1 At the assumed annual inflation rate of 5 percent, approximately how much will the $6.00 pack of cigarettes cost in 10 years, when Jennifer reaches the age of 35?
A) $8 B) $10 C) $16 D) $23
B
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Consumption functions would shift downward if
A. disposable incomes fall. B. disposable incomes rise. C. price levels fall. D. price levels rise.
The economists at the New York Fed estimate that the return the typical person receives from an investment in a college education is
A) 4.5 percent per year. B) 12.5 percent per year. C) 15 percent per year. D) more than 40 percent per year.
Determine whether each of the following outputs is considered an intermediate good, a final good, or neither for purposes of calculating GDP in the current year
a. New tires put on a new Corvette at Big O Tire store b. The net sales price of a home built in 1990 when it is resold in 1997 c. The commission earned by a stock broker on the sale of stock d. The net price that is paid for 1000 shares of stock in Dell
An economics textbook is an example of:
A. capital. B. labor. C. a natural resource. D. entrepreneurship.