The relationship between education and productivity is easily quantified because causation clearly flows from education to increased productivity

If output is increased in the long-run, average production costs in the presence of internal diseconomies of scale will ________, and in the presence of external diseconomies of scale, will ________

A) decrease; decrease B) increase; remain constant C) remain constant; increase D) decrease; remain constant E) increase; decrease

Answer the following statement true (T) or false (F)

1) Other things equal, the shorter the loan period and the larger the loan size, the higher is the interest rate charged by the lender. 2) The supply of loanable funds is perfectly elastic. 3) Economic profits are the salaries received by the hired managers of business corporations. 4) The basic function of profits and losses is to allocate society's scarce resources to their highest valued uses. 5) Broadly defined, labor's share of national income has been remarkably stable since 1900.