As is shown by the example of college dropout Bill Gates, more education does generally not pay off
a. True b. False
b
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When the absolute value of the price elasticity of demand falls in the range of 0 and 1, demand is said to be ________ , when it equals 1, demand is said to be ________ , and when the price elasticity of demand is greater than 1, demand is said to be ________
a. elastic, unitary elastic, inelastic b. inelastic, unitary elastic, elastic c. unitary elastic, elastic, inelastic d. inelastic, elastic, unitary elastic
When Thurston catches 10 fish a day, he can gather a maximum of 40 coconuts, and when he catches 20 fish a day, he can gather a maximum of 30 coconuts. If Thurston's opportunity cost of producing each good increases as he produces more of it, and he decides to catch 30 fish a day, then the maximum number of coconuts he can gather must be:
A. greater than 10. B. equal to 20. C. greater than 20. D. less than 20.
If equilibrium price falls and the equilibrium quantity of the good purchased decreases, what has happened to either the supply curve or to the demand curve?
A) Supply increased. B) Demand decreased. C) Demand increased. D) Supply decreased.
According to the Weak Coase Theorem, in the absence of transactions costs, the assignment of property rights has no effect on
a. damages paid by liable parties. b. the distribution of income. c. the allocation of resources. d. economic efficiency.