If a larger percentage of Americans attended college, the wage premium would probably
a. continue rising.
b. continue falling.
c. rise.
d. fall.
d
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A firm that is a natural monopoly
A) can supply the entire market at a lower average total cost than two or more firms. B) has very small fixed costs and very large marginal costs. C) is infrequently regulated because having one firm serve the market is economically sound. D) cannot make an economic profit if it is not regulated because it must serve a very large customer base. E) produces the efficient quantity of output when it is not regulated.
An asset is ________
A) equal in value to its corresponding liabilities and net worth B) a debt for the owner of the asset C) a net outflow from the revenues of a producing firm D) anything that can be owned and has value
Suppose that the central bank must follow a rule that requires it to increase the money supply when the price level falls and decrease the money supply when the price level rises. If the economy starts from long-run equilibrium and aggregate demand shifts right, the central bank must
a. decrease the money supply, which will move output back towards its long-run level. b. decrease the money supply, which will move output farther from its long-run level. c. increase the money supply, which will move output back towards its long-run level. d. increase the money supply, which will move output farther from its long-run level.
Efficiency wages tend to:
A. reduce costs in the short run but increase them in the long run. B. raise costs in both the long run and the short run. C. reduce costs in both the long run and the short run. D. increase costs in the short run but reduce them in the long run.