Refer to the above figure. The points between A and B are known as
A. a peak.
B. a trough.
C. an expansion.
D. a contraction.
Answer: D
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When the nominal exchange changes from 120 yen per dollar to 110 yen per dollar, the dollar has:
A. become undervalued. B. become overvalued. C. depreciated. D. appreciated.
An economic model suggests that an additional year of education increases a student's future wages by 15 percent. Using this model, answer the following questions:
a) Gary completes 8 years of education, and John completes 9 years of education. If Gary earns $20 per hour, how much is John expected to earn? b) John completes 9 years of education, and Kevin completes 12 years of education. Given John's earnings [as calculated in a)], how much is Kevin expected to earn? c) Is there any limitation to such a model? Explain your answer.
The Lorenz curve is criticized for all of the following EXCEPT
A) that it excludes transfers-in-kind income. B) that it does not account for the size differences of households. C) that it does not account for age differences of households. D) that it does not account for the impact of trade on the standard of living.
If a government must run a balanced budget, then tax revenues and government spending:
a. move roughly in opposite directions. b. move exactly in opposite directions. c. move exactly in the same direction. d. move roughly in the same direction.