Which of the following is NOT an example of the opportunity cost of investing in human capital?
A) lost wages while in school
B) lost wages while in on-the-job training
C) tuition payments
D) apartment rent while working and going to school part-time
D
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Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each. Process(smoke/day) A(4 tons/day) B(3 tons/day) C(2 tons/day) D(1 ton/day) E(0 tons/day) Cost to Firm X ($/day) $500$514$530$555$585 Cost to Firm Y ($/day) $400$420$445$480 $520Cost to Firm z ($/day) $300$325$360$400 $550For all three firms, the marginal cost of pollution abatement is:
A. increasing B. decreasing C. decreasing and then increasing D. constant
If government spending is $900 billion while government revenue is $600 billion, the government is said to have a
A) $600 billion budget deficit. B) $1,500 billion budget deficit. C) $300 billion budget deficit. D) $300 billion budget surplus.
Quantitative easing is a central bank policy that attempts to stimulate the economy by possibly
A) selling treasury securities. B) making discount loans to nonfinancial corporations. C) slowly reducing the required reserve ratio. D) buying long-term securities.
You view tea and scones as perfect complements, and you prefer to consumer one cup of tea with one scone. Also, your indifference curves are plotted with tea on the vertical axis
If you presently have two cups of tea and one scone, what this the marginal rate of substitution (MRS) at this point? A) +1 B) -1 C) Zero D) Infinity