Education in the United States is heavily subsidized by the government. This fact suggest that
I. less than the efficient amount of education would be provided by an unregulated market.
II. the marginal social benefit of education is greater than marginal social cost of education.
A) I only
B) II only
C) both I and II
D) neither I nor II
A
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The Phillips curve summarizes the historical relationship between unemployment and inflation
Indicate whether the statement is true or false
As the manager of a ski resort, you want to increase the number of lift tickets sold by 8 percent. Your staff economist has determined that the price elasticity of demand for lift tickets is 2. To increase sales by the desired amount, you should decrease the price of a lift ticket by:
A. 16 percent. B. 8 percent. C. 4 percent. D. 2 percent.
A perfectly competitive firm is producing zero units of output in the short run. We know that price is
A. below the minimum point of its average fixed cost curve. B. between the minimum points of its average total cost curve. C. below the minimum point of its average variable cost curve. D. below the minimum point of its average total cost curve.
The Eau Claire Rule is in place to
A. protect dairy farmers in Wisconsin. B. protect foreign dairy farmers. C. protect dairy farmers outside Wisconsin. D. ensure low prices to consumers.