Which of the following students would be most likely to drop out of college before completing their degree?
a. a senior physics major with a solid B average
b. a junior secondary education major who has just read about the substantial improvement in the job opportunities available for teachers with a college degree
c. an outstanding baseball player in his junior year that just received a $500,000 offer from a professional team
d. a junior economics major who wants to attend law school
c. an outstanding baseball player in his junior year that just received a $500,000 offer from a professional team
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If the individuals in a group of consumers all have homothetic tastes, then we can treat the group as a single representative consumer.
Answer the following statement true (T) or false (F)
In a competitive market, the actions of any single buyer or seller will
a. have a negligible impact on the market price. b. have little effect on market equilibrium quantity but will affect market equilibrium price. c. affect marginal revenue and average revenue but not price. d. adversely affect the profitability of more than one firm in the market.
Suppose the consumer price index was 184 in 2009 and 198.17 in 2010 . The nominal interest rate during this period was 5.8 percent. What was the real interest rate during this period?
a. 0.4 percent b. 1.2 percent c. –1.9 percent d. –2.6 percent
The inverse demand in a Cournot duopoly is P = a ? b(Q1 + Q2), and costs are C1(Q1) = c1Q1 and C2(Q2) = c2Q2. The government has imposed a per-unit tax of $t on each unit sold by each firm. The tax revenue is:
A. greater than t times the total output of the two firms should there be no sales tax. B. t times the total output of the two firms should there be no sales tax. C. less than t times the total output of the two firms should there be no sales tax. D. None of the answers is correct.