Economists Lochner and Moretti have identified external benefits to education in the form of
A. improved melodies produced by better-educated musicians.
B. education-related crime reductions.
C. the higher quality of elected officials chosen by better-educated voters.
D. higher salaries earned by better-educated engineers.
Answer: B
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Suppose milk and cereal are compliments and the demand for milk is Qdm = 40 - 6Pm - 2Pc, where Qdm stands for millions of gallons of milk demanded, Pm stands for the price of milk and Pc stands for the price of cereal. The supply of milk is Qsm = 6Pm - 8, where Qsm stands for millions of gallons of milk supplied. The demand and supply of cereal are Qdc = 90 - 5Pc - Pm and Qsc = 5Pc - 10, respectively, where Qdc stands for millions of boxes of cereal demanded and Qsc stands for millions of boxes of cereal supplied. What is the general equilibrium quantity of milk?
A. 6.22 million gallons B. 1.48 million gallons C. Zero gallons D. 50.56 million gallons
Mercosur is a trade agreement between nations
A) in Southeast Asia. B) in South America. C) in South Africa. D) in Southern Europe.
The Social Security tax is an example of an automatic stabilizer
Indicate whether the statement is true or false
In which of the following is the relationship of price (P) to marginal cost (MC) such that the gains to society as a whole from producing additional marginal units will be greater than the costs?
a. P = MC b. P > MC c. P > MC d. P / MC