Scarcity refers to a situation in which unlimited wants exceed the limited resources available to fulfill those wants
Indicate whether the statement is true or false
TRUE
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An economic model suggests that an additional year of education increases a student's future wages by 15 percent. Using this model, answer the following questions: a) Gary completes 8 years of education, and John completes 9 years of education
If Gary earns $20 per hour, how much is John expected to earn? b) John completes 9 years of education, and Kevin completes 12 years of education. Given John's earnings [as calculated in a)], how much is Kevin expected to earn? c) Is there any limitation to such a model? Explain your answer.
If a price ceiling is not binding, then
a. there will be a surplus in the market. b. there will be a shortage in the market. c. the market will be less efficient than it would be without the price ceiling. d. there will be no effect on the market price or quantity sold.
First, define and explain the cyclically adjusted deficit. Second, explain what effect a recession caused, for example, by a reduction in consumer confidence will have on the size of the cyclically adjusted deficit
What will be an ideal response?
A state with "right-to-work" laws would most likely have
A) higher employment levels than neighboring states without such laws. B) more workers' benefits than neighboring states without such laws. C) more union workers than neighboring states without such laws. D) more worker safety requirements than neighboring states without such laws.