Which of the following is a direct implication of the view that childbearing is an economic decision?
(a) People will not have additional children unless they can earn a profit from doing so.
(b) Social factors have no effect on childbearing decisions.
(c) Compulsory education will increase fertility because educated children have the potential to earn higher salaries.
(d) Fertility should fall with improved opportunities for women to work in jobs outside the home.
D
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Suppose an individual has $45,000 in annual income and considering a home that they intend to finance with a $150,000 mortgage at 4% APR 30-year fixed rate loan, the real estate taxes and insurance are $2,000 per year, auto payments are $350/month, and student loans payments are $400/month.
(1) Calculate the two qualification ratios. (2) Would this individual qualify for this loan using a standard 28/36 ratio criteria? Show all work for credit.
A natural monopoly
A) faces more competition after regulation. B) might exaggerate its costs if it is regulated using rate of return regulation. C) might falsely minimize its costs if it is regulated using rate of return regulation. D) might falsely minimize its costs if it is regulated using a marginal cost pricing rule. E) is allowed to maximize its profit under a marginal cost pricing rule.
If labor supply and labor demand both increase, employment
a. and the real wage rate will both increase b. will increase but the real wage rate will fall c. will increase but the real wage rate will remain constant d. and the real wage rate will remain constant e. will increase but the effect on the real wage rate will depend on the magnitude of the shifts
The government places a price control on navel oranges, saying that stores cannot charge more than $1 per pound. Considering this, which of the following would be the most likely result?
a. grocery stores having crates of rotting navel oranges b. grocery stores running out of navel oranges c. grocery stores selling the usual amount of navel oranges d. grocery stores giving away navel oranges to charities