Even if, on average, better-educated individuals can earn more money, all persons with more schooling will not necessarily have higher incomes
Indicate whether the statement is true or false
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Dryden Press can produce 10,000 textbooks using 10 machines and 100 workers or using 5 machines and 300 workers. It can produce 20,000 textbooks using 10 machines and 300 workers or 5 machines and 600 workers. Construct a two-dimensional contour-type graph to show the relationship between the output of textbooks and the labor and machinery inputs.
What will be an ideal response?
Jason is currently spending all of his income. For the last unit of Good X consumed Jason gets 20 utils and for the last unit of Good B consumed he gets 10 utils. The price of Good X is $10. The price of Good Y is $5. If Jason wants to maximize his utility he should
A. continue to purchase the same amount of Good X and Good Y. B. increase the consumption of Good X and decrease the consumption of Good Y. C. decrease the consumption of Good X and increase the consumption of Good Y. D. decrease the consumption of Good X and decrease the consumption of Good Y.
Open market operations are the
A) purchase or sale of government securities by the Fed. B) lending of reserves to the banking system by the Fed. C) borrowing of reserves by the Fed from the banking system. D) minimum percentage of loans that banks must retain as reserves in the open market. E) purchase or sale of gold by the Fed.
An economic theory is tested by: a. assessing the realism of its assumptions
b. polling economists to see if there is consensus as to the validity of the hypothesis. c. comparing and contrasting its simplicity with related theories. d. comparing its predictions with real-world data.