The completion of a degree or course of study is a good labor market signal
A) only if what is learned in that educational process relates directly to the job the individual is being considered for.
B) only if there is a positive correlation between academic success and wage income.
C) primarily because individuals develop good habits in college that serve them well in other areas later on.
D) because all individuals have the opportunity (in the United States) to pursue higher education.
E) because people who possess the traits that make them more productive in the workplace have an easier time completing an education than those who don't.
E
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Are we running out of natural resources?
a. No, because we may abandon the use of a particular resource before we exhaust its supply. b. Yes, because some resources are nonrenewable. c. Yes, because all resources are eventually nonrenewable. d. Yes, because we live in a finite world. e. No, because all resources are in infinite supply.
The supply of a good will be more elastic, the
a. more the good is considered a luxury. b. broader is the definition of the market for the good. c. larger the number of close substitutes for the good. d. longer the time period being considered.
If a farmer produces 1000 bushels of corn using ten acres of land and one tractor and is able to produce 2000 bushels of corn using twenty acres of land and one tractor, the farmer has
A) increasing returns to scale. B) constant returns to scale. C) decreasing returns to scale. D) no returns to scale.
Refer to the graph shown. In the long run supply will become:
A. more elastic, rotating from S0 to S1, creating a larger shortage with a price ceiling of P2. B. less elastic, rotating from S0 to S1, creating a smaller shortage with a price ceiling of P2. C. more elastic, rotating from S0 to S1, creating a smaller shortage with a price ceiling of P2. D. less elastic, rotating from S0 to S1, creating a larger shortage with a price ceiling of P2.