The information revolution is:
A. putting upward pressure on wages.
B. increasing manufacturing employment.
C. changing the nature of employment.
D. reducing overall employment.
Answer: C
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The aggregate expenditure (AE) curve
A) includes expenditures by domestic residents only. B) does not include expenditures on either imports or exports. C) includes expenditures on foreign as well as domestic goods. D) includes all expenditures on domestic goods. E) adds expenditures on imports because they are consumed in the nation and subtracts expenditures on exports because they are consumed abroad.
On the horizontal axis of a graph, generally
A) values increase from left to right. B) values increase from right to left. C) values can be positive and/or negative. D) Both answers A and C are correct.
Convergence refers to the movement of countries toward
a. the same levels of per capita output growth. b. the same levels of per capita output. c. a constant rate of output growth. d. the same capital-to-labor ratios. e. both b and d.
Consider the following information regarding a person's decision to go to college: college tuition is $20,000 per year, room and board is $10,000 per year, and books and materials are $2,000 per year. Suppose that instead of going to college this person could have earned $18,000 working in a store. An economist would calculate the cost of going to college as
a. $20,000. b. $30,000. c. $32,000. d. $50,000. e. $18,000.