Whether or not the positive externalities generated by education are inframarginal can be measured with a great degree or certainty
a. True b. False
b
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Match each of the following jobs to its major area: forecasting, analysis, research, or data development. Explain your answers
(a) Economist at university, testing theories about the efficient allocation of resources in the foreign exchange market (b) Economist at Wall Street firm trying to predict the rate of inflation next year using past data (c) Economist at auto firm looking at demand for new automobiles (d) Economist at the International Trade Commission trying to determine whether foreign firms are dumping goods in the United States (e) Economist at the Commerce Department developing new methods for calculating price indexes (f) Economist consulting in Eastern Europe about how to set up free-market financial systems
Human capital is defined as the:
A. amount of capital that is operated by workers in a firm. B. amount of capital that is operated by workers in an industry. C. amount of workers a firm employs. D. set of skills, knowledge, experience, and talent that determine the productivity of workers.
Which of these is the key assumption of the Classical school of economic thought? a. An economy is self-adjusting in nature
b. Wages and prices are sticky downward. c. Economic agents are rational in behavior. d. Labor is the source of wealth in an economy.
The figure below shows the national market for mopeds in a country. Dd and Sd are the domestic demand and supply curves of mopeds, respectively.
Calculate the welfare loss arising from the production effect of the tariff.
A. $14 million B. $7.5 million C. $2.5 million D. $5 million