What are the externalities associated with education?
What will be an ideal response?
Educated people work better in teams in business and increases the productivity of co-workers. Educated people may lead to better civic results if they are smarter voters. and educated people earn more and are less likely to engage in crime.
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Rational expectations theorists feel that the economy is ______ after macroeconomic shocks occur.
a. stable b. slower c. inoperative d. strongest
A market situation in which there are very few sellers is
A. perfect competition. B. monopolistic competition. C. oligopoly. D. monopoly.
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
If, as a result of doubling all its inputs, a firm can more than double its output, the firm's production function exhibits
a. constant returns to scale. b. increasing returns to scale. c. decreasing returns to scale. d. increasing marginal productivity to at least one input.