ECO 204

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 /...