?If a positive externality results from the consumption of higher education, then the marginal benefit students receive from education:
a. equals the marginal social benefit
b. is less than the marginal social benefit.
c. includes the marginal external benefit.
d. exceeds the marginal social benefit.
Answer: b. is less than the marginal social benefit.
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Which of the following is true at the output level where diminishing marginal product first set in?
a. Both marginal product and marginal cost are at a minimum b. Both marginal product and marginal cost are at a maximum. c. Marginal product is at a maximum and marginal cost is at a minimum. d. Marginal product is at a minimum and marginal cost is at a maximum.
There is only a small difference in wages between college graduates and workers who did not attend college
a. True b. False Indicate whether the statement is true or false
A firm will stay in business if _________ are greater than _________; a firm will go out of business if _________ are greater than __________.
Fill in the blank(s) with the appropriate word(s).
The term "unemployment" is best described as the total number of
A. people who have been laid off and have stopped looking for work. B. adults who are looking for work but have not found a job. C. adults who work fewer hours than they wish to work. D. people not working.