Which of the following would probably not result in acquiring human capital?
A. Taking an economics course.
B. Learning how to make chicken parmigiana.
C. Playing varsity soccer.
D. Purchasing a new piece of machinery.
D. Purchasing a new piece of machinery.
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Suppose a chemical plant regularly dumps chemicals into a river that must be cleaned up before farmers located downstream can use the water on their crops
Dumping the chemicals into the river saves the chemical plant $750,000 in yearly disposal costs and cleaning the water costs farmers $825,000 each year. Explain what the benevolent social planner would like to see happen in this case.
If the market price in a perfectly competitive market is less than a firm's minimum average variable cost, then the firm's total revenue will always ________
A) exceed its total fixed cost B) be less than its total economic loss C) equal its total cost D) be less than its total variable cost
A curve that shows the price level at which firms in the economy are willing to produce different levels of goods and services and the resulting level of real income is called:
A) aggregate demand. B) aggregate supply. C) potential output. D) natural rate of unemployment.
Which of the following is NOT an argument against using monetary policy to prick asset-price bubbles?
A) The effect of increasing interest rates on asset prices is uncertain. B) A bubble may only exist in some asset-prices and monetary policy will affect all asset prices. C) Using monetary policy to prick an asset-price bubble may have adverse effect on the aggregate economy. D) Even though credit-drive bubbles are easier to identify, they are still relatively hard to identify.