A signal is
a. anything used to show employees in a market that demand in a profession has increased
b. anything used to show employees in a market that supply in a profession has increased
c. a proxy used to indicate possession of unobservable qualities required for a particular job
d. a way for employers to discriminate against certain groups of people
e. a way for employees to learn to stay out of certain professions
C
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If an economy produces final output worth $5 trillion, then the aggregate income generated by that production: a. will be $5 trillion
b. will be more than $5 trillion. c. will be $5 trillion minus taxes. d. will be less than $5 trillion. e. will be $5 trillion plus transaction costs.
The GDP per capita of a country is calculated by dividing the GDP of the country by its population
a. True b. False Indicate whether the statement is true or false
Aluminum Aces dumps wastewater into a creek they have owned for decades. The new neighbor, Ms. Franklin, has tried to grow bamboo along the creek where it enters her property, but the wastewater kills about $1,000 worth of her bamboo each year. She offers Aluminum Aces $600 per year to add a new filter, which costs $400, to their system so wastewater will no longer kill her bamboo. What is one way this case exemplifies the Coase theorem?
a. One party gains at the other’s expense. b. Property rights are questionable. c. A negative externality is internalized. d. Transaction costs are high.
Roughly how large is the difference between U.S. GDP and U.S. GNP?
What will be an ideal response?