Twin studies are helpful in producing an unbiased estimate of the returns to schooling, because twins are likely to
A. work in the same occupation.
B. earn comparable wages.
C. work in the same industry.
D. achieve the same amount of education.
E. have similar abilities.
Answer: E
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Suppose the current price of DVDs is $16, while its base-year price is $11.50 . The value of the price index for the current year is approximately:
a. 139 b. 39 c. 25 d. 160 e. 172
About how much U.S. and European trade is intra-industry?
a. 40% b. 50% c. 60% d. 70%
One advantage market economies have over centrally-planned economies is that market economies
a. provide an equal distribution of goods and services to households. b. establish a significant role for government in the allocation of resources. c. solve the problem of scarcity. d. are more efficient.
Which of the following is FALSE about a comparison between a perfectly competitive firm and a monopolistically competitive firm?
A) A perfectly competitive firm has a horizontal demand curve, while a monopolistically competitive firm has a downward sloping demand curve. B) In the short run, a perfectly competitive firm will earn zero economic profits, while a monopolistically competitive firm will earn positive economic profits. C) Both the perfectly competitive and monopolistically competitive firm will earn economic profits equal to zero in the long-run. D) In the long run, the perfectly competitive firm will produce at the minimum of the average total cost curve, while the monopolistically competitive firm will produce to the left of the minimum of the average total cost curve.