The isoquants for inputs that are perfect complements for one another consist of a series of:
a. right angles
b. parallel lines
c. concentric circles
d. right triangles
e. none of the above
a
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A well-known women’s college whose tuition lagged below similar schools found recruiting difficult and enrollment falling. A substantial tuition increase was implemented, and dormitories were soon full again. This can be explained by
A. the law of demand. B. the fact that education at the school was an inferior good. C. the fact that people sometimes base perceptions of quality on price (snob effect). D. elastic demand.
The largest source of federal government revenue in 2014 was
A) individual income taxes. B) payroll taxes to fund Social Security and Medicare programs. C) sales taxes. D) corporate income taxes.
Given an initial deposit of $5,000 and a legal reserve requirement of 25%, the amount of money potentially created by the banking system is
a. $15,000 b. $20,000 c. $25,000 d. $10,000 e. $30,000
Some take issue with the human capital argument that employers pay more for college graduates because firms recognize the value of human capital. What are two alternative explanations for why college grads receive higher pay?
What will be an ideal response?