Question

30. What can a student in college do to increase demand for his or her labor services?

a. Nothing, there is no way individuals can affect demand for their own services.

b .He or she should quit school and look for a job.

c. He or she should move to a state with a large population.

d. He or she should increase his or her marginal product in producing valuable goods or services.

31. Firms in oligopoly can achieve an economic profit

a. always in the long run.

b. if they cooperate.

c. only if the demand for their products is inelastic.

d. only if the demand for their products is elastic.

32. Which of the following statements is correct?

a. The distribution of wealth is not the best measure of true inequality.

b. Inequality using annual income overstates actual lifetime inequality.

c. The inequality of annual incomes is less than the inequality of income.

d. All of the above statements are correct.

33. If tuition at a college is $30,000 and the external benefit of graduating from this college is $10,000, then

a. in the absence of any government intervention, the number of students graduating is less than the efficient number.

b. the government could increase the number of graduates by giving the college a $10,000 subsidy per student.

c. the government could increase the number of graduates by giving the students $10,000 vouchers.

d. All of the above answers are correct.

34. Tax incidence is the

a. dollar amount of a tax, expressed as a percentage of the purchase price.

b. dollar amount of a tax per unit sold.

c. division of a tax burden between the buyer and seller.

d. amount of revenue collected by government on a specific good.

Answer #1

30) correct choice is option d. Marginal product of labour is the part of demand function of labour according to which the wage rate is determined. An increase in the marginal product of labour increases the wage rate if price of the good produced remains unchanged

31) option A is correct. This is because in the long run the oligopoly firms are able to restrict entry of potential rivals thereby enjoy long and profits

32) option B is correct. This is because different households have different stages of life cycles so that there lifetime inequality is not measurable using annual income

33) option d is correct

34) option C is correct.

1. As a large number of students graduate from college,
which category of unemployment would increase?
Group of answer choices
a. Potential unemployment
b. Cyclical unemployment
c. Structural unemployment
d. The graduating students will have no effect on
unemployment
e. Frictional unemployment
2. If an economy experiences a positive demand shock,
the appropriate monetary policy would be to
Group of answer choices
a. More than one of these is the correct answer
b. Decrease government expenditures
c. Increase government expenditures...

A Californian student consumes Internet services (I) and books
(B). Her preferences are represented by a Cobb-Douglas utility
function of the type: U(I,B) = I .5B.5. Initially Y = 100, PI = PB
= 1. Lately, however, because of the electricity shortage, the
price of the Internet services has increased to 2. The government
has decided to give a transfer to the student so that she can
recover her initial welfare. In order to determine the transfer the
government has...

If there is a sudden increase in the demand for money, what
could the Fed do to hold interest rates steady at their current
levels? Select one: a. Cut taxes. b. Sell government securities. c.
Raise the discount rate. d. Raise the required reserve ratio. e.
None of the above is correct
. Which of the following sequence of events follows a decrease
in the discount rate? Select one: a. r↓ ⇒ I↓ ⇒ AE↓ ⇒ Y↑ b. r↑ ⇒...

Suppose that colleges are a perfectly competitive industry, and
market demand for a college education is somewhat elastic. If the
government subsidizes each student, we would expect that with
market adjustments, the students will receive ________ of the
subsidy in the short run and _______ of the subsidy in the long
run.
a) some; some
b) all; some
c) none; none
d) some; all
e) some; none
f) none; some
g) all; none
h) none; all
i) all; all

In August 2017, Marisela took out a $10,000 qualified student
loan to pay the tuition at State College. In 2019, she refinanced
the student loan for an additional $5,000 that she used to buy a
car to drive to and from campus. Under the terms of the refinanced
loan, Marisela will be charged an additional $150 a year in
interest. When completing her income tax return, Marisela can
deduct what amount of the additional interest she is charged for
her...

A
student at a junior college conducted a survey of 20 randomly
selected full-time student to determine the relation between the
number of hours of video game playing each week, x, and grade-point
average, y. She found that a linear relation exists between the two
variables. The least-squares regression line that describes this
relation is y= -0.0559x + 2.9205
(a) Predict the grade-point average of a student who plays
video games 8 hours per week
(b) Interpret the slope.
(c)...

A graduate student believed that, on the average, college
students spend more time on the Internet compared to the rest of
the population. She conducted a study to determine if her
hypothesis was correct. The student randomly surveyed 25 students
and found that the average amount of time spent on the Internet was
11.75 hours per week with a SD = 1.5 hours. The last census found
that, on the average, people spent 11 hour per week on the
Internet....

#4: A graduate student in educational psychology was
interested in the relationship between the amount of money a high
school student’s parents spend on SAT preparation and the number of
points that the students SAT Verbal score improves. Her results for
8 students are listed below (X = amount of money spent on test
preparation, Y = amount of increase in Verbal SAT
score.)
STUDENT
X
Y
A
100
20
B
600
70
C
150
40
D
300
80
E ...

1. Nikeya sells land (adjusted basis of $120,000) to her adult
son, Shamed, for its appraised value of $95,000. Which of the
following statements is correct?
a.
Nikeya’s recognizes a loss of $25,000 ($95,000 amount realized –
$120,000 adjusted basis).
b.
Shamed’s adjusted basis for the land is $120,000 ($95,000 price
he paid + $25,000 disallowed loss for Nikeya).
c.
Only a. and b. are correct
d.
Nikeya's loss is disallowed and, if Shamed subsequently sells
the land for $112,000,...

ONLY PROBLEMS (d) AND (e) NEED
ANSWERED. THANK YOU.
Consider the market for labor is
segmented into the market for low skilled labor and the market for
high skilled labor. If the low skilled labor market is given by the
following function: labor demand: w = 35 – 0.005L; and labor supply
is 4000. If the high skilled labor market is given by the following
functions: labor demand: w = 400 – 2L, and the labor supply
function is given...

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