In 2011, what percent of adults in the U.S. were college graduates or higher?
A. 10%
B. 30%
C. 50%
D. 70%
B. 30%
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Which of the following is a limitation of using arithmetic averages to calculate growth rates?
A) Arithmetic averages do not capture the exponential nature of growth and thus are not apt for long-run prediction. B) Arithmetic averages cannot be used in case of negative growth. C) Arithmetic averages are difficult to calculate. D) The calculation of growth using arithmetic averages requires more data than other methods.
In a world of perfect certainty, sharecropping would be less efficient than a farm owner working his own farm because
(a) sharecroppers receive only half of their marginal product. (b) paying a worker a wage gives him or her an incentive to shirk. (c) sharecroppers are exploited by landlords. (d) renting farmland concentrates risk on the renters. (e) all of the above.
The marginal revenue product
a. tells how many dollars the marginal physical product is worth. b. is the marginal physical product times price of the product under perfect competition. c. is the marginal physical product times marginal revenue. d. All of the above are correct.
The major determinant of an individual's income is
a. how much she enjoys the work. b. how productive she is combined with demand for what she produces. c. whether or not her family is wealthy. d. how well she gets along with her co-workers and boss.