Which of the following is TRUE about a college education as a signaling device?
A) It is a useful signal only if individuals choose majors related to their ultimate field of employment.
B) It is a useful signal only if a college education is open to all individuals, no matter what their previous level of educational accomplishment was.
C) It is a useful signal whether or not people actually learn anything in college.
D) It is a useful signal only if the job in question cannot be done without the preparatory coursework the college degree required.
E) It is less and less a useful signal in the post-industrial economy, where the skill sets employers need change so rapidly.
C
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Minimum efficient scale refers to the lowest level of output at which
A) the firm can earn a profit. B) average cost is minimized. C) the firm will operate. D) the average cost curve is downward sloping.
Refer to Table 15-4. What is the economically efficient output level?
A) 5 units B) 6 units C) 7 units D) 8 units
Suppose Rebecca needs a dog sitter so that she can travel to her sister's wedding. Rebecca values dog sitting for the weekend at $200 . Susan is willing to dog sit for Rebecca so long as she receives at least $175 . Rebecca and Susan agree on a price of $185 . Suppose the government imposes a tax of $30 on dog sitting. The tax has made Rebecca and Susan worse off by a total of
a. $30. b. $25. c. $10. d. $5.
The condition where firms want to sell more than consumers want to buy is called
A. a market collapse. B. an equilibrium. C. a shortage. D. a surplus.