A good that has social costs that exceed private costs has a quantity that is
A) too high.
B) too low.
C) just right.
D) the best society can do.
A
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The mean of a data set is the:
A) product of all values divided by the number of values. B) sum of all different values multiplied by the number of values. C) difference between the highest value and the lowest value. D) sum of all different values divided by the number of values.
An economic model suggests that for every additional year of education, the future wages increase by 5 percent
If Richard, with 12 years of education, earns $20 per hour, how much will he earn per hour if he decides to undertake four additional years of education?
The income of the middle person in an income distribution is called the
A) mean income. B) average income. C) median income. D) per capita income.
The Federal Reserve System was created to
A) make it easier to finance budget deficits. B) promote financial market stability. C) lower the unemployment rate. D) promote rapid economic growth.