Related to the Economics in Practice on page 4: Economists estimate that over one's lifetime, a college degree holder will earn on average ________ someone with only a high school degree.
A. three times as much as
B. 27 percent more than
C. almost 70 percent more than
D. about 15 percent more than
Answer: C
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The text refers to the type of comparative advantage that can be gained or lost because of changes in skills of workers or types of capital as:
A. temporary comparative advantage. B. transferable comparative advantage. C. non-equilibrium comparative advantage. D. unstable comparative advantage.
Suppose a wallet firm has been dumping its wastes into the local river. The government finds out and insists that the firm pay for the cost of the river cleanup. As a result, we can expect:
a. more wallets to be produced at a lower price. b. more wallets to be produced at a higher price. c. fewer wallets to be produced at a lower price. d. fewer wallets to be produced at a higher price. e. the same number of wallets to be produced at a higher price.
The natural rate of unemployment in the United States
a. has consistently equaled 6 percent b. has increased as the federal budget deficit has fallen c. is similar to the natural rate in European countries d. has increased in recent years e. is now unusually high because so many women have entered the labor force
While oligopolies are generally inefficient, limit pricing may keep prices closer to competitive levels.
Answer the following statement true (T) or false (F)