Refer to the scenario above. Which of the following statements is true of the model?
A) The model predicts that two additional years of education is likely to increase future earnings by 60 percent.
B) The prediction of the model can be applied to unlimited years of additional education.
C) The predictions of this model cannot be tested empirically.
D) The prediction of the model is accurate and will hold for all individuals.
B
Economics
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In the figure above, if the market price is $12, then the total consumer surplus is
A) $12. B) $10. C) minimized. D) $240. E) $480.
Economics
Refer to the above table. If the price of the product is $1.50, what is the marginal revenue product of the 12th worker?
A) $1035 B) $135 C) $90 D) $1.50
Economics