Refer to Scenario 17.2. If the threshold educational level y* is set at 45,
A) only individuals in Group K will attain it.
B) only individuals in Group M will attain it.
C) individuals in both groups will attain it.
D) no individuals will attain it.
E) some fraction of individuals in each group will attain it.
D
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The PPF of a country will be skewed toward the good that:
A. uses its scarce factor intensively. B. uses its abundant factor intensively. C. uses its intensive factor abundantly. D. does not use its intensive factor abundantly.
Which of the following statements is false?
A) Price determination is the key element in any market system. B) Input prices influence a firm's costs of production. C) Output prices influence a firm's revenues. D) While managers must understand how output prices are determined, determination of input prices is irrelevant because it is beyond the manager's control.