The demand for education is determined by the
A. demand for human capital.
B. demand for nonhuman capital.
C. supply of human capital.
D. supply of nonhuman capital.
Answer: A
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According to the factor price equalization theorem, the ________ factor should oppose free trade policies in any given country
A) abundant B) scarce C) neither D) Can't tell without more information
The highest price you are willing to pay for a pair of jeans is $20 . However, you are able to purchase it for $14 . This implies $6 is the producer surplus
Indicate whether the statement is true or false
Some economists believe that the good times of the early 2000s were not sustainable due to:
A. an unsustainable financial bubble. B. higher inflation rates. C. higher deflation rates. D. higher rates of crime.
Some economists advocate government intervention in a market economy when resource costs for a private producer ________ to society.
A. have no relevant cost B. do not reflect the full cost C. are greater than the full cost D. are equal to the full cost