One concern regarding educational attainment in the U.S. is that:
A. The percentage of adults finishing college is falling
B. There are fewer college graduates in science and engineering
C. Students are graduating later and later
D. Fewer high school graduates are going on to college
B. There are fewer college graduates in science and engineering
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Which of the following statements about costs is correct?
a. When marginal cost is less than average total cost, average total cost is rising. b. The total cost curve is U-shaped. c. As the quantity of output increases, marginal cost eventually rises. d. All of the above are correct.
Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. What is Larry's economic surplus from attending State College instead of his next best alternative?
A. $10,000 B. $5,000 C. $40,000 D. $20,000
Evidence suggests that as the importance of what's at stake grows, loss aversion:
A. does not change. B. is reversed. C. becomes much less pronounced. D. becomes even more pronounced.
If the United States imposes a quota on French wines, the result in the short run is likely to be ________ profits for American wine producers and ________ profits for French wine producers.
A) lower; lower B) lower; higher C) higher; lower D) higher; higher