For the past several decades, the percentage of national income in the United States allocated to human capital (employees and self-employed workers) has been approximately
a. 20 percent.
b. 40 percent.
c. 60 percent.
d. 80 percent.
D
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The currencies of Poland and Iceland (the zloty and the krona, respectively) declined in value relative to the euro following the financial crisis of 2008. This means that the
A) zloty and krona appreciated in value against the euro. B) euro depreciated in value against the zloty and the krona. C) zloty and krona depreciated in value against the euro. D) zloty depreciated in value against the krona. E) Both A and B are correct.
Most economists believe that the aggregate supply curve is
A) upward-sloping in the short run, but vertical in the long run. B) upward-sloping in the long run, but vertical in the short run. C) upward-sloping in both the short run and in the long run. D) vertical in both the short run and in the long run.
The measure of the price level of all goods and services produced in an economy is called _____
a. the GDP inflator b. the GDP deflator c. nominal GDP d. real GDP
Consider Frank's decision to go to college. If he goes to college, he will spend $21,000 on tuition, $11,000 on room and board, and $1,800 on books. If he does not go to college, he will earn $16,000 working in a store and spend $7,200 on room and board. Frank's cost of going to college is
a. $33,800. b. $42,600. c. $49,800. d. $57,000.