One worker produces 5 rocking chairs. To produce 10 rocking chairs it will be necessary to hire more than two workers, if diminishing returns have set in.
Answer the following statement true (T) or false (F)
True
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If the university administration plans to hike tuition charges in the hope of increasing tuition revenues, we know
A) they are assuming an elastic demand. B) they are assuming an inelastic demand. C) they cannot succeed because of the law of demand. D) they must be running in the red. E) they will only succeed if more students can be enrolled at no cost.
Moral hazard in a transaction hurts
a. The seller only b. The buyer only c. Both parties d. None of the parties
When a market is corrected for externalities, it:
A. is equitable. B. maximizes surplus. C. makes everyone in society better off. D. All of these statements are true.
In 2017, approximately what percent of adults in the United States had received more education than a high school degree?
A. 15% B. 90% C. 67% D. 35% E. 25%