College-age athletes who drop out of college to play professional sports
a. are not rational decision makers.
b. are well aware that their opportunity cost of attending college is very high.
c. are concerned more about present circumstances than their future.
d. underestimate the value of a college education.
Answer: b. are well aware that their opportunity cost of attending college is very high.
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Arrow's impossibility theorem is "disturbing" in the sense that it proves that
a. no voting system is perfect. b. only a dictator can produce a desirable social outcome. c. the preferences of the wealthy should be given more weight than the preferences of the poor. d. the centuries-old Condorcet paradox was not a paradox after all.
Microeconomics and macroeconomics use different types of analysis
a. True b. False Indicate whether the statement is true or false
The equation of exchange is M × Y = P × V
a. True b. False Indicate whether the statement is true or false
Post-World War II inflation rates, as measured by the CPI
a) are overestimated due to the inability to measure quality improvements b) are underestimated due to the exclusion of import prices c) are not comparable across decades due to decennial changes in the base year d) have tended to move in the opposite direction of inflation rates as measured by the GDP deflator e) have become increasingly accurate as technology has improved