In the U.S., each additional year of schooling has historically raised a person's wage on average by about
a. 2 percent.
b. 5 percent.
c. 10 percent.
d. 15 percent.
c
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When a country's production possibilities frontier shifts outward over time, the country is experiencing
A) no opportunity cost. B) economic growth. C) higher unemployment of resources. D) a decrease in unemployment of resources. E) an end to opportunity cost.
Economies of scale refers to when:
A. an increase in the quantity of output decreases average total cost in the long run. B. an increase in the quantity of output increases average total cost in the long run. C. average total cost does not depend on the quantity of output in the long run. D. None of these is true.
“Peak pricing” can only work effectively if prices remain relatively low for scarce resources.
Answer the following statement true (T) or false (F)
If government is going to provide an environment for economic prosperity
A) the percentage of citizens voting in major elections must increase. B) it must run budget deficits. C) the self-interest of voters, politicians, and bureaucrats must be brought into harmony with efficient use of resources. D) it must run budget surpluses.