In general, the higher a person's education level,
a. the higher the person's earnings.
b. the more physically attractive the person is likely to be.
c. the more socially outgoing the person is likely to be.
d. All of the above are correct.
a
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According to the production possibilities model, if more resources are allocated to the production of physical and human capital, then which of the following is likely to happen?
A) The country's total production will fall. B) The production possibilities frontier will shift inward in the future. C) Fewer goods will be produced for consumption today. D) Future economic growth will decline.
An entrepreneur is a(n):
a. individual who has much education. b. organizer who seeks profitable opportunities and is willing to accept risks. c. business organization that uses inputs to produce output. d. depot or warehouse for commercial products.
If mutual interdependence among firms is present, then each profit-maximizing firm in the market: a. produces a product that is similar but not identical to the products of its rivals. b. must consider the reactions of its rivals when it determines its pricing policy. c. faces a perfectly elastic demand curve for its product
d. faces a perfectly inelastic demand curve for its product.
Since a union represents individuals rather than firms, it cannot be considered a monopoly
a. True b. False Indicate whether the statement is true or false