Which of the following is a true role of education in the process of economic development?
a. Education helps people to make better use of available resources.
b. Increased focus on theoretical education lowers technical experience.
c. Education makes people less receptive to new ideas.
d. Investment in education crowds out the funds available for investing in physical capital.
a
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Which of the following would create a natural monopoly?
A) ownership of all the available units of a necessary input B) an exclusive right granted to supply a good or service C) requirement of a government license before the firm can sell the good or service D) technology enabling a single firm to produce at a lower average total cost than two or more firms E) a patent granted the producer of the good or service
The figure above shows the market for college education. The efficient quantity of education is
A) 0 students. B) 4 million students. C) 6 million students. D) more than 6 million students. E) more than 4 million students and less than 6 million students.
If the money supply grows 7% during the year, and people expected the money supply to grow by 5%, what happens to the short-run aggregate supply curve, according to the misperceptions theory?
A) It shifts down. B) It shifts up. C) It doesn't shift. D) It shifts down unless Ricardian equivalence holds, in which case it doesn't shift.
Institutional discrimination exists when:
A. discrimination is based on individual characteristics related to job performance. B. the structure of a job makes it difficult for certain groups of individuals to succeed. C. discrimination is based on individual characteristics not related to job performance. D. discrimination is based on correctly perceived statistical characteristics of a group.