Recall the Economics in Practice on p. 371: According to a study discussed in the Economics in Practice, ________ matters in terms of an individual's future earnings.
A. class size
B. teacher quality
C. the age of teachers
D. the gender of teachers
Answer: B
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Will scarce goods necessarily be rationed in some manner?
A) Not if people agree to share them equitably B) Not if there is enough for everyone to have what they need C) Not if their prices are free to rise D) Not if they are privately owned E) Yes
According to your textbook, the current war on drugs in the United States has similar consequences to the earlier prohibition on alcohol. The similar consequences include
A) an underground supply and demand process. B) the production of more powerful and dangerous forms of the illegal products. C) production and distribution being controlled by people with a comparative advantage in crime D) All of the above. E) None of the above.
Financial intermediaries' low transaction costs allow them to provide ________ services that make it easier for customers to conduct transactions
A) liquidity B) conduction C) transcendental D) equitable
Which of the following is not a source of economies of scale?
A. Use of larger machines B. Labor specialization C. Inelastic resource supply curves D. Learning-by-doing