According to the human-capital view, education
a. has no effect on lifetime earnings.
b. alters work ethic.
c. enhances productivity.
d. is an indicator of natural ability.
c
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The Coase theorem states that if transaction costs are low, the number of parties is small, and property rights are well established
A) the government must intervene to eliminate any externalities in the market. B) private transactions are efficient. C) there will be no pollution. D) Both answers B and C are correct.
Prospect theory can explain why
A) people tend to gamble on long odds with small expected utility. B) people tend to sell their losing stocks and keep their winning stocks. C) people should only sell their losing stocks. D) people should never play the lottery.
Protection provided to the infant industries is rarely withdrawn because:
a. the costs of withdrawing protection outweigh the benefits. b. the industries begin to experience diseconomies of scale. c. it leads to a loss of government revenue. d. the industries produce goods which are close substitutes of the imported goods. e. the larger and more successful the industry becomes, the more political power it wields.
Remember the fish market? On the market day, the supply curve is ____________ but over the long run the supply curve is quite __________
a. income inelastic; elastic b. elastic; inelastic c. inelastic; elastic d. fixed; variable e. variable; fixed