An economist would argue that the true cost of a college education exceeds the cost of tuition, housing, and books because of
What will be an ideal response?
opportunity cost
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The first table above gives the labor demand and labor supply schedules for a nation. The second table gives its production function
a. What are the equilibrium real wage rate and the level of employment? b. What is potential GDP?
The labor market is in equilibrium when:
a. the demand curve lies above the supply curve. b. both demand and supply curves are positively sloped. c. both demand and supply curves are negatively sloped. d. the demand curve intersects the supply curve. e. the demand curve is negatively sloped but the supply curve is positively sloped.
Bank capital is
a. the machinery, structures, and equipment of the bank. b. the resources that owners have put into the bank. c. the reserves of the bank. d. the bank's total assets.
Which of the following groups would have the lowest unemployment rates?
A. High-school dropouts B. Married men C. Nonwhite teenagers D. Nonwhite women