Daniel Hammermesh and Stephen Donald studied the determinants of the earnings of college graduates years after they graduated. Which of the following is one result of their study?
A) Students who took more Advanced Placement (AP) courses while still in high school earned significantly more income for each AP course they passed with a grade of 4 or 5.
B) Students who took at least three economics courses earned about 9 percent more income than students who took no college economics courses.
C) Students who had taken 15 credits of upper-division science and mathematics courses and earned high grades in these courses earned about 10 percent more than students who took no upper-division classes in these subjects.
D) The earnings of identical twins were about 9 percent higher than the earnings of all other students.
C
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Suppose in the money market the equilibrium nominal interest rate is 5 percent. If the Fed increases the quantity of money, what is the effect on the nominal interest rate?
What will be an ideal response?
If the firm hires 5 workers, the total amount of fixed costs equals
a. $250 b. $50 c. $200 d. $1200
One reason the supply of carpenters is greater than the supply of physicians is because:
a. carpenters demand less income. b. physicians do not belong to a union. c. of differences in human capital. d. carpenters belong to unions.
In an oligopolistic market, each firm
A. has a constant marginal cost. B. must consider the reaction of rival firms when making a pricing or output decision. C. faces a perfectly elastic demand function. D. produces at minimum average cost in the long run.