Economics examines the options open to households and business firms, but ignores the options of governments and entire societies.
Answer the following statement true (T) or false (F)
False
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Which of the following best describes the "education premium"?
A. The added pay for getting a higher level of education B. The added cost of getting a higher level of education C. The added benefits for society as a whole from a person getting a higher level of education D. The increase in average wages, in inflation-adjusted dollars, over time
It is possible to purchase diplomas from diploma mills. The situation in which the degrees are more important than the knowledge they are supposed to represent is called:
A. accreditation. B. credentialism. C. cretinism. D. diplomacy.
In which of the periods below was the inflation-adjusted deficit largest?
A. The 1980s B. The 1950s C. The 1960s D. In 2009-2011
Infrastructure is best illustrated by:
A. Business equipment and factories B. Agricultural machinery and tools C. Financial institutions D. Roads and bridges