Which of the following students would be most likely to drop out of college before completing their degree?
a. a senior physics major with a solid B average
b. a junior secondary education major who has just read about the substantial improvement in the job opportunities available for teachers with a college degree
c. an outstanding baseball player in his junior year that just received a $500,000 offer from a professional team
d. a junior economics major who wants to attend law school
c. an outstanding baseball player in his junior year that just received a $500,000 offer from a professional team
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Refer to Excise Subsidy. The deadweight loss created by the subsidy is represented by
The following questions refer to the accompanying diagram which shows the effects of an excise subsidy given to firms. The initial price and quantity are P0 and Q0, respectively. After the subsidy is granted, the equilibrium quantity is Q1, firms receive the price Ps, and consumers pay the price Pd.
a. area F + G.
b. area D + G + J.
c. area C.
d. area D.
M1 is usually larger than M2
Indicate whether the statement is true or false
A competitive market is always efficient
Indicate whether the statement is true or false
For which product is the income elasticity of demand most likely to be positive?
A. Cabbage B. Retreaded tires C. Computers D. Used clothing