Which principle states that as the production of one good expands, the opportunity cost of producing another unit of this good generally increases?
a. Principle of total cost
b. Principle of increasing cost
c. Principle of opportunity cost
d. Principle of increasing marginal utility
b
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If both the demand and supply increase, the equilibrium quantity ________ and the equilibrium price ________
A) increases; falls B) decreases; might rise, fall, or not change C) decreases; rises D) increases; might rise, fall, or not change
Some of the earnings gap between ethnic groups might be explained by differences in the quality of schooling
Indicate whether the statement is true or false
Whenever the largest firm in a concentrated industry breaks into two equal sized parts, the four firm concentration ratio ___ and the Herfindahl-Hirschman Index ____: a. Will fall; will fall
b. Will fall; may fall or stay the same. c. May fall or stay the same; will fall. d. May fall or stay the same; May fall or stay the same.
The belief that education makes a person more productive and thereby raises his or her wage is referred to as the
a. signaling view of education. b. natural-ability view of education. c. unmeasured-variables view of education. d. human-capital view of education.