With regard to investments in human capital, China has been
a. devoting resources to investment in education that could have been used for consumer goods.
b. upgrading its school systems.
c. sending many Chinese students to universities in other countries.
d. all of the above
d
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Growth in real output per person occurred, on average, in colonial America. This growth translated into a great improvement in the quality of life for all citizens
Indicate whether the statement is true or false
Which of the following is true?
a. Producing too much pollution could be a market failure, but producing too little research cannot. b. Producing too little research could be a market failure, but producing too much pollution cannot. c. Both producing too much pollution and producing too little research could be market failures. d. Market failures mean that government intervention in those areas will improve the results.
When oligopolists secretly cooperate for their mutual benefit they are engaging in
a. inclusion b. collusion c. seclusion d. exclusion e. discrimination
Which of the following statements is false?
a. Profit is increasing when marginal revenue is greater than marginal cost. b. Marginal cost is always decreasing. c. Marginal and average total costs are equal at the most efficient production level. d. The AFC and AVC curves cross. e. The AFC and ATC curves do not cross.