The wage premium in the United States represents a
a. cost of higher education.
b. decreasing return to higher education.
c. higher return to college education.
d. result of declining college attendance since 1973.
c
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When a model takes into account the fact that several different generations may coexist simultaneously, this is known as a(n)
A. neoclassical model. B. life-cycle model. C. overlapping generation model. D. crowding-out model.
Describe the Coase theorem and explain why it is significant in the analysis of externatility problems.
What will be an ideal response?
Consider two firms competing to sell a homogeneous product by setting price. The inverse demand curve is given by P = 6 ? Q. If each firm's cost function is Ci(Qi) = 2Qi, then consumer surplus in this market is:
A. $2. B. $8. C. $4. D. There is insufficient information to determine consumer surplus in this market.
A frequently cited barrier to economic development is the apparent shortage of entrepreneurial activity in developing nations.
Answer the following statement true (T) or false (F)