Adam and Bob are identical twins who attended grammar school through high school together. Adam got a job after high school, and Bob got a job after graduating from college. Adam earns $36,000 a year, and Bob earns $69,000 a year. Select the best explanation for this wage difference
a. Adam has less human capital than Bob.
b. Bob has less human capital than Adam.
c. Adam has received a compensating differential
d. Adam is a member of a union.
a
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How does economic growth influence the production possibilities frontier?
What will be an ideal response?
If the automatic stabilizers are creating budget deficits, the economy must be experiencing falling output
a. True b. False Indicate whether the statement is true or false
Which of the following represents the amount of income that is actually available to people for consumption and saving?
a. Net national product b. National income c. Disposable personal income d. Gross national product e. Personal income
Which of the following correctly distinguishes the concepts of marginal utility and total utility?
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