Suppose your expenses for this term are as follows: tuition: $12,000, room and board: $6,500, books and other educational supplies: $1,500. Further, during the term, you can only work part-time and earn $3,500 instead of your full-time salary of $14,000
What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college?
A) $13,500
B) $20,000
C) $24,000
D) $30,500
Answer: C
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When considering the demand for money curve, the interest rate
A) is the price of holding money. B) varies negatively with the transactions demand for money. C) will have a positive relationship with the quantity of money demanded. D) is independent of the opportunity cost of money.
Income distribution moved toward greater inequality in the 1920s after World War I (1914–18) had witnessed a movement toward greater equality
Indicate whether the statement is true or false
In an economy where one person receives all the income, the Lorenz curve is
a. the two sides of the right angle triangle b. the diagonal c. a U-shaped curve that lies below the diagonal d. a U-shaped curve that lies above the diagonal e. a downward sloping line from 100 percent of income (on the vertical axis) to 100 percent of population (on the horizontal axis)
Which statement is true?
A. In both the 19th century and the since the 1980s we borrowed from foreigners to finance both capital expansion and consumption. B. In neither the 19th century nor since the 1980s we borrowed from foreigners to finance both capital expansion and consumption. C. In the 19th century we borrowed from foreigners to finance capital expansion and since the 1980s we borrowed to finance consumption. D. In the 19th century, we borrowed from foreigners to finance consumption and since the 1980s we borrowed to finance capital expansion.