There is no correlation between more years of schooling and increased earnings.
A. True
B. False
C. Uncertain
B. False
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Suppose the price of butter falls because milk price supports are removed. Will people’s tastes shift away from margarine and toward butter?
What will be an ideal response?
Some economists argue that free trade is beneficial regardless of the actions of a country's trading partners, including trading partners that heavily protect their home markets
Indicate whether the statement is true or false
Which of the following is an example of a price control policy?
a. Increasing the income tax rate b. Setting a minimum wage level c. Mandating a 2 percent tax on imported automobiles d. Mandating higher taxes on alcoholic beverages in the state
Calvin is planning ahead for retirement and must decide how much to spend and how much to save while he's working in order to have money to spend when he retires. When the substitution effect dominates the income effect, an increase in the interest rate on savings will cause him to
a. increase his savings rate. b. decrease his savings rate. c. continue saving at the same rate. d. Any of the above are possible.