The number of persons who could become lawyers or surgeons is potentially quite large, yet these two groups earn fairly high incomes. One of the main reasons why they do is the
A. return on the investment of many years of training.
B. evening-out of their low income during schooling.
C. rent on their unique and rare talents.
D. scarcity value of their abilities.
Answer: A
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The opportunity cost of producing a unit of consumption at point b in the figure ________ point a
A) is greater than at B) is less than at C) cannot be compared with D) is the same as
Explain why new classical economists favor a laissez faire policy approach.
What will be an ideal response?
Based on the membership of the Eurosystem in 2017, the median country is likely to be:
A. growing more rapidly than the others. B. very large. C. Italy. D. fairly small.
Refer to the graph, in which Dt is the transactions demand for money, Dm is the total demand for money, and Sm is the supply of money. If the interest rate was 4 percent, the asset demand for money would be:
A. $125
B. $175
C. $200
D. $225