ECO 204 (ECO204)

An inference from economic theory that can be subjected to real-world testing is known as a(n) __________. fundamental hypothesis endogenous assumption experimental assumption Correct! testable hypothesis Question 2 0 / 1 pts Kalean goes to the University of Missouri. The opportunity cost of her education includes all but which of the following? the cost of food and clothing income she could have earned instead of going to college You Answered recrea...

1 / 1 pts In a competitive labor market, the distribution of income is determined by __________. the decision to invest or disinvest in human capital socially determined standards of fairness Correct! the degree of labor productivity the doctrine of comparable worth Question 2 1 / 1 pts What market is the largest part of the resource market? land entrepreneurship capital Correct! labor Question 3 0 / 1 pts If a firm i...

A production possibilities curve that bows outward from the origin implies that __________. the more of a good you get, the less it will cost to get even more no matter how much more of a good you get, the cost per unit will remain unchanged You Answered the cost of more of a good is independent of the shape of a production possibilities curve Correct Answer the more of a good you get, the more it will cost to get even more The answer can be found in Chapter 1, ...

Question 1 1 / 1 pts Research by Luo and Song showed that, in rural China from 2003 to at least 2008, income elasticity of consumer demand for food was slightly less than 1, meaning that the overall growth rate of consumer demand for food was __________. slightly more than the growth rate of income much higher than the growth rate of income Correct! slightly less than the growth rate of income much lower than the growth rate of income Question 2 1 /...

ECO 204 Week 1 - Quiz

ECO 204 PRINCIPLES OF MICROECONOMICS QUIZ

ECO 204 PRINCIPLES OF MICROECONOMICS QUIZ Question 1.1. In what type of economic system are the basic economic questions answered in the same way as in the past? (Points : 1) A planned economy A traditional economy A command economy A market economy Question 2.2. In economics, scarcity means that (Points : 1) there are not sufficient resources to produce everything that people want. poverty will always exist. a country can neve...

ECO 204 Week 1 - Quiz

ECO 204 FINAL PAPER EDUCATION AND INCOME INEQUALITY

The Connection Between Education, Income Inequality, and Unemployment. You should address the following: Describe how a country can measure its income inequality. Evaluate the effect of income inequality on the U.S. economy, such as unemployment, economic growth, and other economic factors. Estimate the gap between those who hold bachelor’s and higher (master or doctoral) degrees and those who do not. Explain reasons why the inequality gap between educated and less-educated workers has bee...