The rate of return on an investment in medical education:
a. will increase with an increase in the availability of student loans.
b. is inversely related to the number of years in the profession.
c. is much higher than the rate of return on an undergraduate business degree.
d. is inversely related to the length of time spent in formal schooling.
e. is inversely related to income.
d. is inversely related to the length of time spent in formal schooling.
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The long-run market supply curve in the presence of internal economies of scale is ________, and in the presence of external economies of scale, it is ________
A) downward sloping; downward sloping B) upward sloping; horizontal C) horizontal; upward sloping D) downward sloping; horizontal E) upward sloping; downward sloping
The soil of the Middle Colonies is generally:
a. rocky and sandy. b. fertile and difficult to till. c. fertile and easy to till. d. alkaline and poorly drained.
The opportunity cost of holding money increases when _____
Fill in the blank(s) with the appropriate word(s).
A system of deposit insurance
A) attracts risk-taking entrepreneurs into the banking industry. B) encourages bank managers to decrease risk. C) increases the incentives of depositors to monitor the riskiness of their bank's asset portfolio. D) increases the likelihood of bank runs.