Which of the following is the so-called efficiency factor of economic growth?
A. Having an efficient financial system
B. Reaching full production potential
C. Having free trade
D. Enhanced quantity and quality of human resources
B. Reaching full production potential
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Answer the following statement(s) true (T) or false (F)
1. The future value (FV) of a dollar is its present value (PV) plus the opportunity cost of not using that dollar in the present period. 2. The term, 1/(1 + r)t is known as the discount rate, where r represents the discount factor. 3. Present value determination is a procedure that corrects a value for the rate of inflation. 4. The discount rate used for public policy decision making is called the social discount rate. 5. Deflating refers to the process of converting a real value into its nominal value.
Which of the following is not included in taxable income?
a. wages b. salaries c. alimony received d. interest on municipal bonds
When government agents are sent as actors into a bank to test whether loans are more likely to be granted to whites than blacks, they are using a statistical technique called
A. regression. B. standard deviating. C. quadratification. D. auditing.
Suppose that for Virginia the marginal benefit per dollar spent on make-up is less than the benefit per dollar spent on clothes. Virginia can always increase her utility by buying:
A. more make-up and fewer clothes. B. less make-up and more clothes. C. more of both goods. D. Virginia is already maximizing utility.