If a student enrolls in an additional course at the university, an economist would conclude that:
a. the total benefit that the student expects to receive as a result of completing her college degree exceeds the total cost of her college education.
b. the student is not following the rule of rational choice
c. the student must not be involved in extracurricular campus activities.
d. the expected marginal benefit of an additional course must exceed the expected marginal cost of the course.
d
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The income velocity of money is the absolute number of times, on average, that
A) people purchase goods and services during a year. B) each monetary unit is spent on final goods and services. C) each unit of real GDP is produced by business firms. D) each one-unit increase in the price level occurs.
Consumer surplus is: a. the area underneath the demand curve
b. the total utility derived from consuming a good. c. the marginal utility of the last unit consumed multiplied by the number of units consumed. d. the difference between what consumers are willing to pay and what they are required to pay for a good.
In order to achieve a high economic freedom rating, a country must
a. provide secure protection of privately owned property and evenhanded enforcement of contracts. b. refrain from creating barriers that limit domestic and international trade. c. rely more fully on markets rather than governments to allocate goods and resources. d. all of the above.
If real GDP rises from $500 billion to $510 billion, the economic growth rate is
A. 1.96 percent. B. 2 percent. C. -2 percent. D. 10 percent.