All of the following questions or statements regarding medical school are positive except:
A) How do changes in expected future incomes affect the decisions of medical students about which specialty to choose?
B) What role does tuition play in a student's decision about whether to attend medical school?
C) Have tuition increases had a large effect or a small effect on the number of applications to medical school?
D) Medical students who enter specialized fields make a larger contribution to society than do student who enter primary care.
D
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In a typical year, ________ of new jobs are created by small firms
A) less than 5 percent B) 10 percent C) 40 percent D) 75 percent
Profit maximization occurs where
A) each factor is used up to the point where its marginal revenue product is equal to its marginal factor cost. B) each factor is used up to the point where its marginal physical product is equal to its marginal factor cost. C) average variable cost equals marginal cost. D) average variable cost equals average total cost.
A firm derives revenue from two sources: goods X and Y. Annual revenues from good X and Y are $10,000 and $20,000, respectively. If the price elasticity of demand for good X is ?4.0 and the cross-price elasticity of demand between Y and X is 2.0, then a 2 percent decrease in the price of X will:
A. leave total revenues from X and Y unchanged. B. decrease total revenues from X and Y by $200. C. increase total revenues from X and Y by $520. D. decrease total revenues for X and Y by $600.
A change in a fixed tax will cause the consumption schedule to
A. become steeper. B. become flatter. C. shift in a parallel manner. D. remain fixed as the economy moves along the schedule.