An educated populace contributes to economic growth because
A) schools provide many jobs for teachers.
B) education allows workers to develop skills that increase their productive capabilities.
C) educated people are more likely to live in poverty.
D) educated people understand the importance of protectionism.
B
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Suppose that the price of labor, the only variable input needed to produce cotton, increases from $100 day to $120 day. The effect on costs will be
a. a parallel shift in the total cost curve. b. a parallel shift in the fixed cost curve. c. a parallel shift in the marginal cost curve. d. a shift in total cost by different amounts for different quantities.
The ________ elastic a firm's demand curve, the greater its ________
A) less; monopoly power B) less; output C) more; monopoly power D) more; costs
Suppose that the equilibrium price of T-shirts increases and the equilibrium quantity of T-shirts decreases. This is best explained by:
A. an increase in the demand for T-shirts. B. a decrease in the supply of T-shirts. C. a decrease in the demand for T-shirts. D. an increase in the supply of T-shirts.
In 2016, the most profit from the musical Hamilton went to
A) the musical's star and creator, Lin-Manuel Miranda. B) the musical's producers. C) the owners of the Richard Rodgers Theater where the musical is performed. D) scalpers.