The number of persons who could become lawyers or surgeons is potentially quite large, yet these two groups earn fairly high incomes. One of the main reasons why they do is the
a. return on the investment of many years of training.
b. evening-out of their low income during schooling.
c. rent on their unique and rare talents.
d. scarcity value of their abilities.
a
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Assume that the M1 multiplier is 4. If the Federal Reserve purchases $200 worth of government securities, the money supply will
A) rise by $200. B) rise by $800. C) fall by $200. D) fall by $800.
The international agreement signed in 1947 to promote world trade by reducing tariffs and other barriers to international trade was called
A) GATT. B) NAFTA. C) WTO. D) Bretton-Woods agreement.
If I get 10 units of pleasure from my first ice cream cone and 2 less units than before from each succeeding cone, I will buy ________ cones and gain ________ units of consumer surplus if the price of a cone = to 5 units of pleasure.
A. 6; 30 B. 4; 28 C. 2; 18 D. 3; 9
Risk-free investments have rates of return:
A. that exhibit a large spread of potential payoffs. B. with a standard deviation equal to zero. C. that are uncertain, but have a certain time horizon. D. equal to zero.