An individual's demand for education is most affected by
(a) direct and indirect costs of schooling.
(b) development priorities of the country.
(c) the desire to escape agricultural work.
(d) all of the above.
A
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Many economists who accept the real business cycle explanations of economic fluctuations
a. believe that the sharp rise in the relative price of imported oil was the central cause of the deep recession in the United States in the mid-1970s. b. believe that the restrictive Federal Reserve monetary policy was the central cause of the deep recession in the United States in the mid-1970s. c. believe that the sharp rise in the relative price of imported oil was not the main cause of the deep recession in other industrialized nations in the mid-1970s. d. both a and c. d. None of the above
Which of the following addresses agency costs
a. spot checks of the quality of employee work b. hiring only from job fairs c. instituting longer work days d. reducing the number of holidays
In Marx's ideal communist society, the state:
a. actively promotes income incentives. b. follows the doctrine of laissez faire. c. owns resources and conducts planning. d. does not exist.
James insured his car with a renowned insurance company that checked his driving skills and verified his accident records before insuring his car. After paying two premiums for this insurance, James took to drinking and driving. This action of James is likely to create:
a. an economic loss. b. a positive externality. c. an economic bad. d. a moral hazard. e. diseconomies of scale.