A decrease in the average level of prices of goods and services is
A. Inflation.
B. Recession.
C. Depression.
D. Deflation.
Answer: D
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The division of labor can benefit society only if
A. a system of exchange exists. B. society uses all of its resources efficiently. C. society has no specialized resources. D. labor resources are not scarce.
An isoquant is a curve that shows all the combinations of two inputs that will produce the same level of output
Indicate whether the statement is true or false
Tom is going to quit his job to pursue his PhD in economics, which will take him 6 years to complete. He currently makes $55,000 per year as a high school teacher
While going to school, he will receive a stipend of $24,000 per year plus $6,000 per year to help cover food and rent. His living expenses are the same regardless of what he does. What is Tom's opportunity cost of pursuing his PhD? A) $150,000 B) $180,000 C) $186,000 D) $330,000
Less than 10% of two-parent poor families have interest or dividend income
Indicate whether the statement is true or false