An export subsidy raises the domestic price of the product.
Answer the following statement true (T) or false (F)
True
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Kevin is a student who is yet to join a university in California. In the evening, he takes music lessons. Kevin has to decide on an apartment to rent
The apartment should be at a suitable distance from two places: his university, and from his music classes. The commuting time from apartments in four different locations to both destinations are shown in the table below. Given that Kevin's opportunity cost of time is $10 per hour, find his optimum choice using: a) optimization in levels. b) optimization in differences. Apartment Commuting Time to University (hours per month) Commuting Time to Music Classes (hours per month) Rent ($ per month) 1 10 10 2,500 2 16 24 2,200 3 36 24 1,900 4 45 35 1,800
In the figure above, the SLF curve is the supply of loanable funds curve and the PSLF curve is the private supply of loanable funds curve. The equilibrium interest rate is ________ percent and the equilibrium quantity of loanable funds is ________
A) 6; $1.6 trillion B) 4; $1.8 trillion C) 4; $1.4 trillion D) 6; $2.0 trillion E) 4; $2.0 trillion
Why is it important to use real GDP rather than nominal GDP figures when making comparisons of output across time periods?
A. The real GDP figures are a better measure of changes in the general level of prices. B. The real figures will reflect changes in the quantity of output and not changes in the general level of prices. C. The real figures will reflect changes in the general level of prices as well as changes in the quantity of output. D. The real GDP figures adjust for changes in the level of employment.
Leo is a welfare recipient who qualifies for two means-tested cash benefit programs. If he does not earn any income, he receives $225 from each program. For each dollar he earns (which his employer is required to report to the welfare agency), his benefit from each program is reduced by 75 cents until the benefit equals zero. If Leo earns $150, then he will receive ________ in total benefits from the two programs.
A. $225. B. $75. C. $325. D. 0.