According to the textbook, if students are graded on a curve so that each student's grade depends upon their performance relative to other students, the resulting positional arms race are partially offset by social norms that:
A. encourage people to save money for college.
B. encourage everyone to study hard.
C. award only the very top performers.
D. discourage studying by labeling hard-working students as "nerds".
Answer: C
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Suppose the price of good x in country A is lower than the price of good x in country B when no trade is permitted. In the absence of transportation costs, if the supply curve for good x in the two countries is sufficiently elastic, free trade in good x implies that country B will stop producing x.
Answer the following statement true (T) or false (F)
Schumpeter’s theory that business cycles are caused by breakthroughs in the form of new products, new machines, or new production techniques is known as the
a. real business cycle theory. b. innovation theory. c. over investment theory. d. technology theory.
Which of the following is most likely to affect the supply of labor in any particular industry?
a. the size of the available working population b. the nonmonetary attractiveness of the job c. the amount of ability and training necessary to enter the job d. all of the above
The expected value of a basket with different outcomes is
a. the average of the values of the different outcomes. b. the average of the values of different outcomes multiplied by the average of the probabilities of the outcomes. c. the sum of the values of the different outcomes. d. the sum of the value of each outcome multiplied by its probability.