Robert Lucas argues that there are ________ returns to human capital, and these productivity increases are not completely captured by individuals as they decide how much education to purchase
As a result, the market produces ________ education and training.
A) increasing; too little B) increasing; too much
C) decreasing; too little D) decreasing; too much
A
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OPEC's incentives to produce a stream of long-term profits for its member nations means that oil stocks will
A) probably last quite a while. B) most likely run out quickly. C) not be used or needed in the near future. D) increase indefinitely.
Conventional wisdom holds that there are __________ in banking
A) economies of scope but not scale B) economies of scale but not scope C) economies of both scope and scale D) neither scope nor scale economies
Refer to Figure 9.1. If the market is in equilibrium, total consumer and producer surplus is
A) $0. B) $100. C) $800. D) $1200. E) $2000.
The Price Elasticity of Demand is a negative number this means:
a) Demand is price elastic. b) Demand is price inelastic. c) The demand curve is downward sloping. d) An increase in income will reduce the quantity demanded.