An economist would describe college fees as
A. an investment in human capital.
B. a transfer payment.
C. a waste of parents’ money.
D. an economic loss.
Answer: A
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Which of the following market types has only a few competing firms?
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly E) perfect competition and monopolistic competition
Which of the following statements about the Supplemental Security Income (SSI) program is FALSE?
A) It is designed to establish nationwide minimum incomes for the aged, the blind, and the disabled B) Benefits are based on need. C) Recipients who receive benefit payments under Social Security are also eligible for SSI. D) It covers children and individuals with mental disabilities, including drug addicts and alcoholics.
The principal-agent problem arises because of
a. natural selection b. diminishing marginal returns c. hidden actions d. the winner's curse e. hidden characteristics
Which of the following always decreases as output increases?
a. ATC b. MC c. AFC d. TC e. TVC