Suppose that college tuition is higher this year than last year and that more students are enrolled in college this year than last year. Based on this information, we can best conclude that:
A. despite the increase in price, quantity demanded rose due to some other factor changing.
B. the demand for a college education is positively sloped.
C. this situation has nothing to do with the law of demand.
D. the law of demand is invalid.
Answer: A
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An efficiency wage
A) is lower than the market wage and tends to decrease productivity. B) is higher than the market wage and tends to decrease productivity. C) is lower than the market wage and tends to increase productivity. D) is higher than the market wage and tends to increase productivity.
The demand for U.S. produced packaged food products in foreign countries is expected to
A) grow. B) slow down. C) remain constant. D) fluctuate.
Look at the following data: The structural unemployment rate is 4 percent, the natural unemployment rate is 5 percent, and the cyclical unemployment rate is 3 percent. The frictional unemployment rate is ____________ percent and the actual unemployment rate is __________ percent.
a. 2; 7 b. 2; 8 c. 1; 7 d. 1; 8
The account that gives the most accurate understanding of the economy's potential for growth over the long term is
A. NDP. B. GDP. C. NI. D. GNP.