Refer to the scenario above. Which of the following statements is true about the model's prediction?
A) The prediction can be applied to estimate the returns only for a limited number of years of additional education.
B) The prediction is an approximate relationship and may not hold for everyone.
C) The prediction cannot be verified empirically.
D) The prediction is precise, exact, and accurate for the entire population.
B
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Suppose the production of a good results in negative externalities. If all costs are taken into account, then
A. output will be at a lower level than if all costs are not taken into account. B. output will be at a lower level than the socially optimal level. C. the marginal private cost curve will lie above and to the left of the marginal social cost curve. D. a and b E. a, b, and c
All of the following contribute to greater deficits when unemployment rises and reduce the deficit during an inflationary gap except for
A. Progressive personal income taxes. B. U.S. exports. C. Welfare benefits. D. Unemployment insurance benefits.
A headline reads "Soccer is the new popular sport among youth." In a competitive market, this situation would lead to a(n):
a. Increase in the price of soccer shoes and decrease in quantity sold b. Decrease in the price of soccer shoes and increase in quantity sold c. Increase in the price of soccer shoes and quantity sold d. Decrease in the price of soccer shoes and quantity sold
According to the law of supply, when the price of computer microprocessors rises Question 13 options:
A. the quantity of microprocessors produced increases. B. the number of sellers of microprocessors increases. C. the supply of microprocessors increases. D. the quantity of microprocessors produced decreases. E. computers become cheaper to purchase.