The returns to education are:
A. lowest in developing nations.
B. highest in developed nations.
C. highest in developing nations.
D. never reflected in the wages of workers.
Answer: C
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"Higher ethanol production definitely and directly raises the price of corn," said USDA economist Ephraim Leibtag. In the short run in the corn market, what is TRUE if the production of ethanol increases?
A) The demand curve for individual corn farmers will shift upward. B) The price individual corn farmers receive will decrease. C) The total cost curve for individual corn farmers will shift upward. D) The marginal cost curve for individual corn farmers will shift downward.
The utility maximizing consumption bundle for an individual can be found by locating _____
a. the individual's bliss point b. any point on an indifference curve touching the budget constraint c. the highest point on an individual's indifference curve d. the point tangent to an individual's budget constraint
A model is defined as a:
a. description of all variables affecting a situation. b. positive analysis of all variables affecting an event. c. simplified description of reality to understand and predict an economic event. d. prediction based on historical evidence.
The short-term unemployment arising from the process of matching workers with jobs is called
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) seasonal unemployment.