Refer to Scenario 17.1. If the threshold educational level y* is set at 7,
A) only individuals in Group A will attain it.
B) only individuals in Group B will attain it.
C) individuals in both groups will attain it.
D) no individuals will attain it.
E) some fraction of individuals in each group will attain it.
C
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The term "derived demand" refers to
A) a firm's estimated demand curve derived from sales data. B) the demand for a factor of production that is derived from the demand for the good the factor produces. C) the demand for financial products called derivatives. D) a demand curve that derives from the availability of resources.
Which of the following is true when an economy is in long-run equilibrium? a. Actual output can exceed potential output
b. Potential output can exceed actual output. c. Actual output must equal potential output. d. Real GDP must equal nominal GDP. e. Expected price level can exceed actual price level.