Which of the following is NOT an example of investment in human capital?
A) a medical student's internship
B) the purchase of a personal computer for playing games
C) A mechanic attends a training workshop on a new type of engine.
D) Johnny learns how to read.
B
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To be effective, the minimum wage must be set ________ the market-clearing wage, and this will result in a ________ of labor
A) above; surplus B) above; shortage C) below; surplus D) below; shortage
Which of the following is a determinant of the price elasticity of demand for an item?
A) the availability of a close substitute for the item B) the percentage of a consumers budget allocated to expenditures on the item C) the amount of time available to adjust to a change in the price of the item D) All of the above are correct.
As we move down along a linear demand curve, the price elasticity of demand becomes more:
A. elastic. B. log-linear. C. variable. D. inelastic.
Which of the following scenarios would support the theory of public choice?
A. A college president eliminates wasteful departments and programs even though this will shorten her tenure and her political future. B. The president of Colombia goes after drug traffickers despite death threats and the offer of bribes that could make him a rich man. C. The governor of the state vetoes a highway bill even though the highway would enhance the value of property he or she owns. D. The local police chief fails to give the mayor a speeding ticket because the mayor might fire him.