Education in the United States is heavily subsidized by the government. This fact suggest that
I. less than the efficient amount of education would be provided by an unregulated market.
II. the marginal social benefit of education is greater than marginal social cost of education.
A) I only
B) II only
C) both I and II
D) neither I nor II
A
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The efficiency-wage theory of worker turnover suggests that firms with higher turnover will have
a. higher production costs and higher profits. b. higher production costs and lower profits. c. lower production costs and higher profits. d. lower production costs and lower profits.
Starting from long-run equilibrium, an adverse inflation shock results in a short-run equilibrium with ________ inflation and ________ output.
A. lower; lower B. higher; lower C. higher; higher D. higher; potential