The higher the opportunity cost of attending college,
A) the more likely an individual will go to college.
B) the more economics classes an individual will take at college.
C) the fewer economics classes an individual will take at college.
D) the less likely an individual will go to college.
D
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Determining “what ought to be” in the economy is considered
a. positive economics. b. normative economics. c. distributive economics. d. mesoeconomics.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
In a market economy, what provides potential investors with reliable information about the financial performance of a firm?
A. contracts B. insurance C. patents D. accounting rules
Figure 14.2 represents the market for used cameras. Suppose buyers are willing to pay $125 for a plum (high-quality) used camera and $25 for a lemon (low-quality) used camera. If buyers believe that 50% of used cameras in the market are lemons (low quality), what fraction of used cameras sold will actually be plums (high quality)?
A. 10/25 B. 10/35 C. 25/35 D. None of the cameras sold will be plums.