Refer to the Article Summary. The article addresses proposed British education reform by way of a completely revised public school system to improve the talent and experience of students
If these reforms lead to a more skilled and better trained public, the British economy would experience
A) an increase in human capital. B) an increase in comparable worth.
C) a decrease in compensating differentials. D) an increase in the supply of labor.
A
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A vertical Phillips Curve is consistent with
A) a constant price level. B) constant velocity. C) an upward sloping aggregate supply curve. D) a vertical aggregate supply curve.
When consumption of a good creates positive externalities,
a. the private demand curve shifts rightward b. the private demand curve shifts leftward c. the private demand curve is below the marginal social benefit curve d. the private demand curve is above the marginal social benefit curve e. the equilibrium quantity determined by the free private market is too high
Which of the following corresponds to the definition of the supply curve?
a. It depicts a positive relationship between income and quantity supplied. b. It depicts a positive relationship between technology and prices. c. It depicts a positive relationship between prices and quantity supplied. d. It depicts a negative relationship between prices and quantity supplied. e. It depicts a proportional relationship between prices and quantity supplied.
Because the federal government typically provides disaster relief to farmers, many farmers do not buy crop insurance even through it is federally subsidized. This illustrates:
A. the adverse selection problem. B. the moral hazard problem. C. the special interest effect. D. logrolling.