In the twentieth century what policies helped Taiwan, Singapore, and South Korea grow faster than more developed nations?
a. investment in natural resources
b. low levels of saving and high levels of consumption
c. investment in human resources and technology
d. lax enforcement of property rights
c. investment in human resources and technology
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Suppose the production of cotton causes substantial environmental damage because the pesticides used by cotton farmers often make their way into nearby rivers and streams, and are very harmful to fish and other wildlife. If cotton farmers do not have to pay for the environmental damage caused by the pesticides used to grow cotton, then the market equilibrium price will be ________ and the market equilibrium quantity will be ________.
A. inefficiently low; inefficiently high B. inefficiently low; inefficiently low C. inefficiently high; inefficiently low D. inefficiently high; inefficiently high
If Faith attends college, it will take her four years, during which time she will earn no income. She will pay $50,000 for tuition, $12,000 for room and board, and $5,000 for books. If she spends the four years working rather than attending college, she will pay $18,000 for room and board, pay no intuition, and buy no books. Based on this information, Faith's economic cost of attending college
would be $67,000 if, over the four years, she could earn a. $12,000 instead of attending college. b. $14,000 instead of attending college. c. $16,000 instead of attending college. d. $18,000 instead of attending college.
Opponents of the minimum wage point out that the minimum wage
a. encourages teenagers to drop out of school. b. prevents some workers from getting needed on-the-job training. c. contributes to the problem of unemployment. d. All of the above are correct.
According to the human-capital view, education
a. has no effect on lifetime earnings. b. alters work ethic. c. enhances productivity. d. is an indicator of natural ability.