The wage premium in the United States for college graduates over high school graduates has remained constant from 1978 to 2000.
Answer the following statement true (T) or false (F)
False
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In rational expectations theory, the term "optimal forecast" is essentially synonymous with
A) correct forecast. B) the correct guess. C) the actual outcome. D) the best guess.
Assuming that professional and college football are substitutes, an increase in the ticket price for professional football, other things being equal, will:
a. increase the demand for college football tickets. b. decrease the demand for college football tickets. c. not change the demand for college football tickets. d. decrease the demand for professional football games.
Competition is essentially the search for
A) accounting profit. B) economic profit. C) zero tax liability. D) the market with the most competitors.
Suppose the cost of milk rose 100 percent from 1990 to 2010, and average prices for the economy rose 133 percent. Relative to others, people who purchased milk experienced a:
A. Lower real income as a result of the price effect. B. Higher real income as a result of the price effect. C. Lower real income as a result of the wealth effect. D. Higher real income as a result of the income effect.