Sarah is a high school graduate and James is a college graduate. Which of the following statements is true?
A) Sara is likely to have more human capital than James.
B) James is likely to have more human capital than Sara.
C) Both Sara and James are likely to earn the same wage in the labor market.
D) Both Sara and James are likely to have the same amount of human capital.
B
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Refer to Figure 3-4. If the price is $15
A) there would be a shortage of 400 units. B) there would be a surplus of 300 units. C) there would be a surplus of 400 units. D) there would be a shortage of 300 units.
Consider the same market for nonalcoholic beer as in the previous question. How many "units" of beer will Boors produce in the Nash equilibrium?
a. 667 b. 1,667 c. 2,333 d. 3,000
The fact that since 1990 the number of movie screens in the United States has grown faster than the number of theaters illustrates the benefits of
a. economies of scale b. constant long-run average cost c. diseconomies of scale d. increasing long-run average cost e. a U-shaped marginal cost curve
Itchy Scratchy Bombs 10 8 Missiles 6 4 The table above shows how many bombs or missiles Itchy and Scratchy can produce in one year. (For example, Itchy could produce 10 bombs or 6 missiles in a year.) Which of the following is an accurate statement about comparative advantage?
a. Itchy has the comparative advantage in both goods. b. Scratchy has the comparative advantage in both goods. c. No one has the comparative advantage in missiles. d. Itchy has the comparative advantage in bombs, while Scratchy has the comparative advantage in missiles. Incorrect, Please review Top Ten Concept # 2. e. Itchy has the comparative advantage in missiles, while Scratchy has the comparative advantage in bombs.