Who was Adam Smith?
What will be an ideal response?
created the study of economics; attended Oxford and University of Glasgow (prof. of moral philosophy)
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If the marginal productivity of labor is constant for all levels of output, then the average productivity of labor
A) is constant. B) equals the marginal productivity of labor. C) Both A and B above. D) Either A or B above but not both.
When economists propose taxes as a way to balance out the presence of externalities, they try to propose taxes:
A. on the action that creates the externality, rather than the externality itself. B. based on the externality itself, rather than the action that creates it. C. on what is simplest to implement. D. on what will likely generate the most revenue.
Government taxes are an example of a policy lever.
Answer the following statement true (T) or false (F)
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