A college degree makes a person more productive according to
a. both the human-capital and the signaling theories of education.
b. the human-capital but not the signaling theory of education.
c. the signaling but not the human-capital theory of education.
d. neither the human-capital nor the signaling theory of education.
b
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Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. What are the equilibrium price and quantity (in thousands) for Aunt Maud's Lotion?
A) $60 and 30 thousand B) $20 and 60 thousand C) $30 and 20 thousand D) $20 and 30 thousand
Suppose an insurance company has estimated that 20 percent of all of its potential policy owners are high-cost and sets a price for their insurance policy with the understanding that 20 percent of its policy owners will be high-cost. If the true percentage of high-cost potential policy owners is 40 percent, the insurance company is likely to face ________.
A) moral hazard B) the principal-agent problem C) adverse selection D) the bad apple problem
Over the long run, migration by workers to higher-wage regions:
a. allows wages to equalize across regions. b. explains why wage differentials may persist. c. causes disequilibrium in the labor market. d. increases wages further in those regions.
Which of the following best defines positive externalities?
a. Beneficial spillovers to a third party b. Monetary benefits to stakeholders c. Dollar values of societal benefits d. Rates of return for innovators