As the number of years of schooling completed increases, the expected private return and private cost of education
(a) increase at roughly the same rate.
(b) increase at different rates with expected private return increasing at a slower rate than private cost.
(c) increase at different rates with expected private return increasing at a faster rate than private cost.
(d) do not increase.
C
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If the absolute value of the slope of the demand curve is 0.25, price is $8 per unit, and quantity demanded is 12 units, then demand for this good is:
A. elastic. B. inelastic. C. perfectly elastic. D. unit elastic.
What is the only policy instrument the Fed really can control directly and precisely?
A) short-term interest rates B) the money supply C) high-powered money D) corporate tax rates
Which of the following statements is not true according to the National Center for Health Statistics?
a. Almost 15 percent of all Medicaid spending is attributable to tobacco use of one kind or another. b. Alcohol- and smoking-related illnesses are associated with over 500,000 deaths annually. c. Smoking prevalence among 18-24-year-olds is rising. d. The average smoker in the U.S. has a life expectancy that is almost 10 years shorter than the average non-smoker's. e. There is very little difference in the prevalence of smoking between males and females worldwide
Refer to the graph shown. A firm that produces 900 units of output using the plant size associated with SATC2 minimizes:
A. long-run average total cost only. B. both long-run and short-run average total cost. C. short-run average total cost only. D. neither long-run nor short-run average total cost.