The Mincer earnings function is used to estimate
A. ability bias.
B. the age-earnings profile.
C. the value of the marginal product of labor.
D. the social return to schooling.
E. the signaling effect.
Answer: B
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Assuming all else equal, any change that causes an increase in the credit supply at a given real interest rate will cause:
A) the credit supply curve to shift to the left. B) a downward movement along the credit supply curve. C) an upward movement along the credit supply curve. D) the credit supply curve to shift to the right.
If it costs $6.00 to go to the movies and $25.00 to go to a hockey game, Tom is maximizing his utility between movies and hockey if his marginal utility of movies is 12 units and his marginal utility from hockey is 25
Indicate whether the statement is true or false
A competitive equilibrium is described by
A) a price only. B) a quantity only. C) the excess supply minus the excess demand. D) a price and a quantity.
Which of the following is NOT a likely market solution to the lemons problem?
A) average cost pricing B) product warranty C) industry standard D) product certification