At age 40, Joe is considering quitting his job and going back for a college degree. He needs two more years full-time. Tuition is $10,000 per year. He earns $30,000 per year. A college degree would raise his annual income by $10,000 per year. He will retire at age 70. Which of the following makes it less likely that Joe will decide to go back to college full-time?
A) The extra income due to a college degree rises.
B) The rate of interest decreases.
C) The government enacts mandatory retirement at age 60.
D) Tuition decreases.
C
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Indicate whether the statement is true or false
A key idea of the new growth theory is that
A) technology is not an important determinant of economic growth. B) economic growth is not as important as leisure time growth. C) the greater the rewards for technological advances, the greater the number of technological advances. D) the rewards associated with technological advances have little to do with the actual rate of invention or innovation.
The cross elasticity of demand for good A with respect to good B is 0.2 . A 10 percent change in the price of good B will lead to a ____ percent change in the quantity of good A demanded. Goods A and B are _______
A. 2; substitutes B. 0.5; complements C. ?2; complements D. ?0.5; substitutes
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