In 2011, Armenia had a real GDP of approximately $4.21 billion and a population of 2.98 million. In 2012, real GDP was $4.59 billion and population was 2.97 million. From 2011 to 2012, Armenia's standard of living ________
A) increased
B) decreased
C) did not change
D) might have increased, decreased, or remained unchanged but more information is needed to determine which
A
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The rate of interest banks charge other banks for overnight loans of reserves is the
A) prime rate. B) discount rate. C) federal funds rate. D) real rate.
Suppose your expenses for this term are as follows: tuition: $5,000, room and board: $3,000, books and other educational supplies: $500. Further, during the term, you can only work part-time and earn $4,000 instead of your full-time salary of $10,000
What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college? A) $5,500 B) $8,500 C) $11,500 D) $14,500