Historical episodes allow economists to illustrate and evaluate current economic theories
a. True
b. False
Indicate whether the statement is true or false
True
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The table above shows the marginal costs and marginal benefits of college education. If the market for college education is perfectly competitive and unregulated, at the equilibrium quantity, the marginal private cost is
A) zero. B) $14,000. C) $19,000. D) $16,000.
In the presence of asymmetric information, the only contract that results in production efficiency and no moral hazard is the one in which
A) the agent receives a fixed fee. B) the principal receives a fixed rent. C) profit is shared. D) revenue is shared.
Government gives subsidies to encourage production of products with beneficial externalities.
Answer the following statement true (T) or false (F)
Suppose a basket of goods and services has been selected to calculate the CPI and 2012 has been chosen as the base year. In 2012, the basket's cost was $80.00; in 2013, the basket's cost was $84; and in 2014, the basket's cost was $87.60 . The value of the CPI was
a. 100 in 2012. b. 105 in 2013. c. 109.5 in 2014. d. All of the above are correct.