Higher levels of human capital are correlated with higher earnings because firms are willing to pay more for better-educated workers who have higher marginal productivities
a. True
b. False
Indicate whether the statement is true or false
True
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Corporate profits are
a. included in payroll taxes. b. exempt from taxes. c. taxed twice, once as profit and once as dividends. d. taxed to pay for Medicare.
Price elasticity is a measure of how
A. quickly a market will respond to a change in market conditions. B. much consumers or producers respond to a change in market price. C. much a market responds to a change in market conditions. D. quickly consumers or producers respond to a change in market price.
Answer the following questions true (T) or false (F)
1. For a downward-sloping demand curve, the marginal revenue decreases as the quantity sold increases. 2. For a monopolistically competitive firm, price equals average revenue. 3. For a profit-maximizing monopolistically competitive firm, for the last unit sold, the marginal cost of production is less than the marginal benefit received by a customer from the purchase of that unit.
In 1914, the United States Congress
A. created the Per Se Rule. B. created the Federal Trade Commission. C. passed the Sherman Antitrust Act. D. passed the Rule of Reason Act.