Schooling and other types of training
a. are regarded as investment in human capital.
b. are an important cause of income differentials.
c. involve workers' sacrificing current income in order to enjoy higher future income.
d. All of the above are correct.
d
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A problem with the use of the market system is that
a. it is too careful in conserving society’s resources. b. it does not stimulate people to work hard and to be efficient. c. it results in an unequal distribution of property and income. d. All of these.
When compared to the demand curve for only one variable input, the demand curve for a factor input when several inputs are variable is
A) less elastic. B) more elastic. C) vertical. D) horizontal.
What is the slope of the price consumption curve for two goods, x and y, when preferences are measured by the utility function U(x,y) = x0.5y0.5, the price of good y is $10, income equals $100, and the price of good x increases from $5 to $10?
A) slope equals zero B) slope is -(1/2) C) slope is 1/2 D) slope is infinite
Each of the following is consistent with the classical theory EXCEPT
A. wages and prices are flexible. B. the economy is always at full employment. C. supply creates its own demand. D. laissez-faire.