Proven oil reserves in the world amount to
A. 1,653 million barrels.
B. 1,653 barrels.
C. 1,653 trillion barrels.
D. 1,653 billion barrels.
Answer: D
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In 1972, a very controversial study asserted that income differences among individuals did not depend on genetic differences in reasoning ability, or differences between schools, or family background. Moreover, the effects of level of schooling are much less than previously understood. After controlling for all of these background variables, much of the variation in earnings appeared to be random. From this analysis, one might reach the very controversial conclusion that earnings depended to a very great extent on
A. human capital. B. ability. C. schooling. D. luck.
If bundles of goods A and B lie on the same indifference curve, one can assume the individual:
a. prefers bundle A to bundle B. b. prefers bundle B to bundle A. c. enjoys bundle A and B equally. d. bundle A contains the same goods as bundle B.
If tax rates are cut, tax revenues may rise, fall, or remain unchanged. What actually happens is considered a(n)
A) theoretical issue. B) corrective issue. C) empirical issue. D) self-regulating issue. E) multiplier issue.
When information asymmetry exists in a market, government:
A. sometimes steps in to try to correct it. B. only steps in to correct it if it can ensure complete information. C. never steps in to try to correct it. D. always steps in to try to correct it.