Which of the following statements best describes the changes in federal spending of the US economy from 1939 to 1949?
a. Between 1939 and 1944 military expenditures increased substantially and civilian-related expenditures remained about the same.
b. Between 1939 and 1944 both military and civilian-related expenditures increased substantially.
c. Between 1939 and 1944 the production possibilities frontier for military and civilian-related expenditures shifted out.
d. Between 1944 and 1949 military expenditures decreased substantially and civilian-related expenditures returned to 1939 levels.
a. Between 1939 and 1944 military expenditures increased substantially and civilian-related expenditures remained about the same.
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Which of the following is an example of human capital?
A) a computer B) a college education C) a factory building D) a software program
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 400, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the inverse supply function for coal miners?
A. W = 0.02Qs - 400 B. W = 0.02Qs + 400 C. W = 50Qs + 20,000 D. W = 200Qs + 800
If a price increase from $8 to $10 causes quantity demanded to fall from 500 to 400, what is the absolute value of the (arc) own-price elasticity?
A. 0.75. B. 0.60. C. 1.30. D. 1.00.
The winner's curse occurs:
A. only in second-price, sealed-bid auctions. B. only in English auctions. C. in a common-values auction. D. in a private-values auction.