The BLS has chosen 90 to represent the average 1982-1984 price level, and it now measures all other years relative to this base year.
Answer the following statement true (T) or false (F)
False
The BLS chose 100 to represent the average 1982-1984 price level.
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The ________ nature of economic growth is one of the major reasons why there are large differences in GDP per capita across countries
A) linear B) quadratic C) exponential D) logarithmic
Which of the following is most likely a constant cost industry?
a. coal b. ice cream c. lumber d. oil
Some college students think that because a college degree greatly increases their earning potential there is no opportunity cost of attending college. How would an economist look at the matter?
A. There is no opportunity cost, assuming that future earnings actually increase as expected. B. The opportunity cost is much less than it would appear, assuming that earnings increase. C. Opportunity cost is a meaningless concept in this situation. D. The college students are completely correct in all respects. E. There is still an opportunity cost, even if it is justified by higher future earnings.
When wages rise, the opportunity cost of:
A. leisure rises. B. labor rises. C. labor falls. D. leisure falls.