Evidence shows that children from poor communities typically have:
A. increased opportunities to acquire human capital.
B. reduced opportunities to acquire human capital.
C. equal opportunities to acquire human capital, but choose not to acquire as much on average than others.
D. equal opportunities to acquire human capital, and choose to acquire more on average than others.
B. reduced opportunities to acquire human capital.
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The additional cost resulting from a small increase in some activity is called the
A) marginal cost. B) diminishing returns of the activity. C) opportunity cost. D) marginal benefit.
Resolving Adam Smith’s diamond-water puzzle involves
A. realizing that price is not directly related to total utility. B. knowing that at optimal purchase, price will tend to equal marginal utility. C. knowing that, as increasing quantities of a good are consumed, marginal utility diminishes and, conversely, consuming a small quantity of a good produces high marginal utility. D. All of the responses are correct.
Elected government officials ________ support ________ fiscal policies
A) must; contractionary B) tend to; expansionary C) must; expansionary D) tend to; contractionary
Suppose that people want bike paths through town, but no private individual or business is willing to build it. This is an example of:
A. productive inefficiency. B. government failure. C. negative externalities. D. market failure.