Another way to think of the marginal seller is the seller who
a. will accept the lowest price of any seller in the market.
b. requires the highest price of any potential seller in the market.
c. would leave the market first if the price were any lower.
d. would leave the market last if the price falls.
c
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Refer to the scenario above. Which of the followings statements is true of the model?
A) According to the model two additional years of education will increase an individual's future wages 1.20 times. B) The predictions of this model can be verified empirically. C) According to the model two additional years of education will increase an individual's future wages 2.98 times. D) The predictions of this model can only be applied for a limited number of years of additional education.
If you have a mortgage on your house at 6 percent and the inflation rate when the mortgage was acquired was 3 percent but has since increased and is now 8 percent per year; the current real interest rate is
A) -2 percent per year. B) 8 percent per year. C) 6 percent per year. D) 0 percent per year. E) 14 percent per year.
If the percentage increase in nominal wage rates is less than the percentage increase in the price level, then:
a. real wage rate rises and the unemployment rate falls. b. both real wage rate and the unemployment rate rises. c. both real wage rate and the unemployment rate falls. d. real wage rate rises and the unemployment rate remains unchanged. e. both real wage rate and the unemployment rate remains unchanged.
National income is defined as
a. the total income of a nation's permanent residents minus losses from depreciation. b. the income that households and noncorporate businesses receive. c. the total income earned by a nation's permanent residents in the production of goods and services. d. the income that households and noncorporate businesses have left after satisfying all their obligations to the government.