Roughly speaking, the estimated return to a year of education in the United States is roughly
A. 3%
B. 0%
C. 20%
D. 9%
E. 50%
Answer: D
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The case of production with a single variable input is analogous to
A. changing the use of land, labor, and capital in production by a constant absolute amount. B. a controlled laboratory experiment in which the scientist permits one variable to change at a time. C. changing the use of land, labor, and capital in production by a constant percentage. D. specialization in one particular product by a company.
If macaroni and cheese is an inferior good, what would happen to the equilibrium price and quantity of macaroni and cheese if consumers' incomes rise?
a. Both the equilibrium price and quantity would increase. b. Both the equilibrium price and quantity would decrease. c. The equilibrium price would increase, and the equilibrium quantity would decrease. d. The equilibrium price would decrease, and the equilibrium quantity would increase.
Winner-take-all markets may be applied to the
A. winnings of those who hit the lottery. B. winnings of gamblers. C. the luck of those who inherit billions of dollars. D. the compensation of CEOs of large corporations.
There is some misunderstanding of the WTO's provisions for environmental protection in trade. The WTO actually:
a. allows nations to bar all imports from nations that do not conform to their own standards. b. provides that nations may enforce any standards for particular products as long as the standards apply equally to domestic producers and importers. c. does not make any pretense of caring at all about the environment. d. is very inconsistent in its rulings.