The opportunity cost of going to college for a student receiving a scholarship
A. is the risk of dropping out.
B. is the expenses for food and clothing that she purchases while in college.
C. is zero because she does not have to pay tuition.
D. is the income that she would have earned if she did not go to college.
Answer: D
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A "devaluation" occurs when
A) the official price of a currency is raised. B) the official price of a currency is lowered. C) a nation's currency depreciates under a flexible exchange rate system. D) a nation's currency appreciates under a flexible exchange rate system. E) none of the above
Suppose the working-age population of a fictional economy falls into the following categories: 90 are retired or homemakers; 60 have full-time employment; 20 have part-time employment; 20 do not have employment, but are actively looking for
employment; and 10 would like employment but do not have employment and are not actively looking for employment. The official unemployment rate as calculated by the U.S. Bureau of Labor would equal A) (30/80 ) × 100. B) (20/60 ) × 100. C) (20/100 ) × 100. D) (20/80 ) × 100.
The balance of payments schedule can be expressed as
a. X(Yƒ, ?) ? Z(Y, ?) ? F(r ? rƒ) = 0 b. X(Yƒ + ?) + Z(Y, ?) ? F(r ? rƒ) = 0 c. X(Yƒ, ?) ? Z(Y, ?) + F(r ? rƒ) = 0 d. X(Yƒ, ?) + Z(Y, ?) + F(r ? rƒ) = 0
At the output level corresponding to the efficient quantity of a good,
a. the value of the last unit can be negative for some consumer b. the value of the last unit to some consumer equals the minimum price some seller must receive for producing it c. the distribution of the good is fair d. the minimum price some consumer must pay for the last unit equals the value of the unit to some producer e. the price is the lowest that a typical firm would ever be willing to accept