Data on education and earnings reveal:
A. negative age-earnings profiles for male workers.
B. no relationship between the two.
C. a positive relationship between the two.
D. a negative relationship between the two.
Answer: C
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Which of the following statements concerning utility as a measure for well being are false?
A) There is generally a positive relationship between income and utility. B) It is possible to determine which of two individuals is made happier by consuming a particular market basket. C) Utility is an abstract representation of an individual's degree of happiness. D) Cross country studies suggest that citizens in wealthier countries are happier than citizens in poorer countries.
When firms have had to defend themselves against the charge that they have adopted unjustifiably low prices either to drive a competitor out of business or to prevent the entry of a rival, they have been accused of
a. creating a trust. b. conspiracy. c. predatory pricing. d. price discrimination.