One reason that professional baseball players earn higher incomes than college professors is that:
A. the training costs to enter the baseball profession are low.
B. there no barriers to entry in the baseball profession.
C. few people have the skill to play professional baseball.
D. being a college professor requires less education.
Answer: C
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In order to sell an additional unit of its product, a monopolist must decrease price on all units
a. True b. False
The economic surplus of an action is:
A. the difference between the explicit and implicit costs of taking an action. B. the money a person has left over after taking an action. C. the difference between the benefit and the cost of taking an action. D. the benefit gained by taking an action.
If real GDP is $18,200 billion (in 2012 dollars) in 2018 Q1 and $18,400 (in 2012 dollars) in 2018 Q2, then the non-annualized quarterly growth rate of real GDP is
A. 4.5%. B. 1.0%. C. 0.4% D. 1.1%.
You are given the following information
Savings S = 150 Investment I = 100 Taxes T = 250 Government Purchases G = 500 Compute the level of private savings, public savings, national savings, and net exports.