Both liberal and conservative economists believe that:
A. that people make choices without reasoning.
B. economic incentives are important.
C. people are little influenced by sociological effects.
D. they have nothing in common.
Answer: B
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The firm's supply curve is its
A) marginal cost curve, at all points above the minimum average variable cost curve. B) marginal cost curve, at all points above the minimum average fixed cost curve. C) marginal cost curve, at all points above the minimum average total cost curve. D) marginal revenue curve, at all points above the minimum average total cost curve.
You increase the advertising intensity for your product in market A but not in market B. Sales in A rise from 1140 to 1180 units per week while sales in B fall from 1270 to 1230 . The Difference-in-difference estimate of the effect of the increased advertising is:
a. 0 units b. 80 units c. 100 units d. 120 units
Refer to the graph below for a monopoly. Assuming this were a perfectly competitive market, then the price and quality would be shown at the point of intersection between the
a. MC and AR curves.
b. MC and MR curves.
c. ATC and AR curves.
d. MC and ATC curves.
How have average wages of college graduates compared to average wages of high school graduates over the last 30 years?
A. Relative college wages have held steady over the last 30 years, with college graduates earning about 60% more than high school graduates during the entire period. B. Relative college wages have increased drastically over the last 30 years, from being 50% more than high school wages in 1980 to almost 100% more in 2005. C. Relative college wages have increased drastically over the last 30 years, from being 20% more than high school wages in 1980 to almost 60% more in 2005. D. Relative college wages have held steady over the last 30 years, with college graduates earning about 90% more than high school graduates during the entire period. E. Relative college wages have decreased slightly over the last 30 years, from being 40% more than high school wages in 1980 to just under 30% more in 2005.