What immediate consequence does an increase in education time have in the endogenous growth model with human capital?
A) lower output
B) lower output in the future
C) lower wages
D) lower human capital
A
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For the recession of 2007-2009, it took ________ for real GDP to return to its cyclical peak
A) about 18 months B) about 2 year C) about 3.5 years D) almost 5 years
The unemployment rate is defined as: a. unemployed workers plus discouraged workers, divided by the total population over the age of sixteen. b. part-time workers plus full-time workers, divided by the total population over the age of sixteen
c. the percentage of the labor force that is unemployed. d. the percentage of the population over the age of sixteen that is unemployed.
Which of the following best describes why indifference curves cannot cross? a. If indifference curves cross, there are situations where individuals are indifferent between bundles where one bundle contains strictly more of both goods than the other bundle. b. If indifference curves cross, individuals are not necessarily consuming along their budget line
c. If indifference curves cross, the marginal rate of substitution can be both increasing and decreasing at a specific point. d. If indifference curves cross, the goods can be both substitutes and complements.
Explain the practice of resale price maintenance and discuss why it is controversial