Bill Bonecrusher graduates from college with a choice of playing professional football at $2 million a year or coaching for $50,000 a year. He decides to play football, but eight years later he quits football to make movies for $3 million a year
His opportunity cost at graduation was ________ and eight years later was ________. A) $50,000; $2 million
B) $2 million; $2 million
C) $2 million; $3 million
D) $50,000; $50,000
A
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The table gives data on the production and prices in a small economy. Use 2012 as the base period
a. What does nominal GDP equal in 2012? b. What does real GDP equal in 2012? c. What does nominal GDP equal in 2013? d. Using the chained-price method, what does real GDP equal in 2013?
Frictional unemployment is reduced by ________ in the number of weeks one is eligible for unemployment compensation, and ________ in the price of gasoline
A) an increase, an increase B) an increase, a decrease C) a decrease, an increase D) a decrease, a decrease
Economists estimate that decreasing barriers to migration by just 5 percent will:
A. increase economic welfare of sending countries by trillions of dollars. B. decrease economic welfare of the countries that would lose their citizens to richer countries by trillions of dollars. C. decrease economic welfare of receiving countries by more than 5 percent. D. increase economic welfare by more than lifting restrictions on capital mobility in their entirety.
If a wage profile is relatively flat, wage compression may be present
Indicate whether the statement is true or false