One implication of human capital theory is that college graduates should earn substantially less than high school graduates
a. True
b. False
Indicate whether the statement is true or false
False
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Your marginal utility of a third waffle is 10 and your marginal utility of a second piece of ham is 30 . If you eat the third waffle, which of the following must be true?
a. You are irrational. b. You prefer waffles. c. The price of a waffle is less than one third the price of a piece of ham. d. The price of a waffle is more than the price of a piece of ham. e. The price of a waffle is three times the price of a piece of ham.
Population growth is more likely to contribute to economic growth when
A. economic freedom is present. B. technological progress is limited. C. the labor force participation rate does not increase. D. capital accumulation is limited.
Adam Smith's pin factory illustrated the
A. advantages of economies of scale. B. disadvantages of economies of scale. C. importance of receiving quantity discounts. D. dangers of corporate bureaucracies.
In the aggregate expenditures model of the economy, a downward shift in aggregate expenditures can be caused by a:
A. Decrease in government spending or an increase in taxes B. Decrease in taxes or an increase in government spending C. Decrease in interest rates or a decrease in taxes D. Decrease in saving or an increase in government spending