Throughout the 1980s, accounting departments in U.S. universities were unable to fill many available faculty positions. This fact suggests that the salaries offered by these departments
A. suffered from the cost disease of the service sector.
B. were below the market price for qualified accountants.
C. created externalities.
D. failed to reflect productivity growth in teaching.
Answer: B
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According to Ricardian Equivalence, crowding-out ________
A) is incomplete B) will raise the level of domestic income C) is complete D) does not play a role in influencing private investment levels
On the production possibilities curve, a movement between points that yields a loss of one good in order to raise the output of another good will maintain efficient production
a. True b. False Indicate whether the statement is true or false
How much pollution should be cleaned up can be found where the marginal benefits of additional reduction of pollution _____.
a. is less than the marginal cost of reducing the additional pollution. b. equals the marginal cost of reducing the additional pollution. c. equals the average cost of reducing the additional pollution d. is greater than the marginal cost of reducing the additional pollution.
The profit-maximizing combination of resources in a perfectly competitive situation occurs at the point at which
A. MRP of labor = price of labor (wage rate). B. MRP of capital = price of capital (cost per unit of service). C. MRP of land = price of land (rental rate per unit). D. All of these are correct.