Refer to the scenario above. The hypothesis of the model is that:
A) college graduates will earn 80 percent more than high school graduates.
B) college graduates will earn 200 percent more than high school graduates.
C) college graduates will earn 107 percent more than high school graduates.
D) college graduates will earn 275 percent more than high school graduates.
C
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Consider a firm that produces peanut butter. An increase in the price of peanuts will cause the firm to lower its output because
a. fixed costs will rise. b. marginal cost will rise. c. the price of peanut butter will rise. d. marginal revenue will fall.
The opportunity cost of economic growth is ________ and the benefit of economic growth is ________
A) increased current consumption; increased future consumption B) increased current consumption; decreased future consumption C) decreased current consumption; increased future consumption D) decreased current consumption; decreased future consumption E) nothing; increased future consumption
What is a standard process used to determine fair market value of a property?
A) the comparable sales method B) just compensation C) eminent domain D) the equitable transactions cost method
Refer to the table above. If the market is perfectly competitive, what is Buyer 3's consumer surplus?
A) $0 B) -$1 C) $1 D) $2