Education yields positive externalities. For example,
a. colleges and universities have benefited, in recent years, from increases in tuition paid by students.
b. as a result of earning a college degree, a person becomes a more productive worker and benefits by earning higher wages.
c. a more educated population tends to result in lower crime rates.
d. All of the above are correct.
c
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As Sam moves rightward along his indifference curve, his marginal rate of substitution
A) is diminishing. B) is increasing. C) remains constant. D) shows the change in his income.
Suppose there are only two goods (Good A and Good B) and the average person buys 4 of Good A in a year and 3 of Good B. If, in the base year, the Price of Good A is $5 and the Price of Good B is $10, and in the next year the Price of Good A is $6 and the Price of Good B is $9, the inflation that occurred in the second year is
A. 20%. B. 10%. C. 100%. D. 50%.