Refer to the information above. The price of U.S. goods measured in pounds is
A) .8.
B) 1.0.
C) 1.6.
D) 2.
E) none of the above
C
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Surgeons earn more than janitors because: a. of the negative correlation between level of education and productivity
b. of the inverse relationship between wages and productivity. c. the accumulation of human capital leads to an improvement in productivity. d. of the negative relation between productivity and the amount of physical capital. e. surgeons spend more time at work than janitors.
Figure 10.3 United States Government Source of Funds and Outlays, Fiscal 2011
What will be an ideal response?
Suppose that John has many of the same characteristics as the stereotypical mathematician. According to the representative heuristic, this will tend to make people think that:
A. many people are bad at math. B. John is good at math. C. John is bad at math. D. many people are good at math.
The formula for computing a basic price index is
A. (100/cost of market basket in base year) + cost of market basket today. B. (cost of market basket today/cost of market basket in base year) × 100. C. (cost of market basket in base year/100) × cost of market basket today. D. (cost of market basket in base year/cost of market basket today) × 100.