Bob and Mary each have a Ph.D. in economics. Bob has a job in private industry at which he earns $90,000 a year. Mary earns half that much as a college professor. Which of the following could not explain Mary's career choice?
a. She experiences diminishing marginal utility.
b. She enjoys the flexibility of her schedule.
c. She enjoys teaching.
d. She enjoys the informal atmosphere of a college.
e. She likes having her summers free to do research.
A
Economics
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Imperfect asset substitutability exists
A) when it is possible for the expected returns on two assets to be different. B) when the expected returns on two assets are the same. C) only when one asset is foreign and the other is domestic. D) when there is risk in the foreign exchange market. E) when assets are liquid.
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According to Okun's law, an increase in which of the following is associated with an increase in unemployment?
A) inflation B) output C) expected inflation D) autonomous expenditure E) potential output
Economics