Which of the following regarding internal migration in the United States is not true?
A. Repeat and return migration are rational decisions and routinely occur.
B. Migration is more common among educated workers compared to uneducated workers.
C. Migration is more common among younger workers compared to older workers.
D. Empirically the mystery is why there is not more internal migration, not why there is not less.
E. Migration equalizes wages across regions.
Answer: E
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Marginal cost refers to the ________ cost incurred when choosing a particular action
A) total B) net C) implicit D) additional
Which of the following statements is NOT true regarding DeBeers' rise to monopoly power in the diamond market?
a. DeBeers produces about 40 percent of the world's raw diamonds and controls another 30 percent. b. DeBeers achieved dominance in this market by gaining control of South Africa's Kimberley "pipe," the world's largest source in the late nineteenth century. c. DeBeers carefully limited the amount of diamonds it released into the market. d. DeBeers did not worry about diamonds being discovered elsewhere because it already had full control of the industry in South Africa.
Someone who is deemed irrational from an economic standpoint is someone who
a. voluntarily partakes in actions contrary to his personal preferences. b. voluntarily partakes in actions contrary to what society deems acceptable. c. voluntarily partakes in actions that the majority of consumers would not. d. sets prices at ninety-nine cents.
If the Fed lowers the required reserve ratio, __________ in the banking system will remain unchanged but __________ will rise. This will (likely) lead to an increase in new loans and checkable deposits and a(n) __________ in the money supply
A) excess reserves; vault cash; increase B) reserves; vault cash; decrease C) reserves; excess reserves; increase D) reserves; required reserves; increase E) none of the above