Which of the following theories explains why increased education translates into higher wages?
a. human-capital theory
b. the theory of compensating differentials
c. the theory of supply and demand
d. comparative advantage
a
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The more consumer surplus is generated in a market dominated by a single monopoly, the more efficient the outcome.
Answer the following statement true (T) or false (F)
In the short run, a profit-maximizing firm will shut down if its total revenue is greater than its variable costs
Indicate whether the statement is true or false
Suppose you get a tax refund of $4,000 and instead of spending it on items that had been on your wish list for two years, you put it all in your checking account at the First National Bank of Urbana. And if the legal reserve requirement was 20 percent, your cash deposit of $4,000 in the Urbana bank makes it possible for the banking system to potentially create (including your $4,000 . a total
amount of money of a. $800 b. $3,200 c. $4,000 d. $16,000 e. $20,000
Under the old Soviet communist system, government planning was substituted for the _________________.
Fill in the blank(s) with the appropriate word(s).