Education
A) does not really add to one's human capital.
B) does not really affect one's income.
C) is a major factor affecting one's income.
D) explains all the differences in male-female incomes.
C
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The idea that the production function exhibits _______implies that ________
A) increasing returns; output should increase steadily as technology grows B) constant returns; each additional unit of labor employed generates an increasing amount of real GDP C) diminishing returns; the Lucas Wedge increases at output increases D) increasing returns; potential GDP is always increasing E) diminishing returns; each additional unit of labor employed generates an ever-decreasing amount of real GDP
The natural rate of unemployment:
A) is a constant. B) is the average of the unemployment rate in a country over time. C) is determined by adding the unemployment rates in all countries and then dividing it by the number of countries. D) is always lesser than the level of cyclical unemployment in an economy.
If an individual demands a particular good, it means that he or she:
A. Is willing and able to purchase the good at some price. B. Has a strong desire for the good. C. Must need the good. D. Prefers the good over all other choices.
If a good causes a negative externality, regulation might take the form of a
A. tax. B. requirement for consumption. C. subsidy. D. price ceiling.