Refer to the scenario above. Which of the followings statements is true of the model?
A) According to the model two additional years of education will increase an individual's future wages 1.20 times.
B) The predictions of this model can be verified empirically.
C) According to the model two additional years of education will increase an individual's future wages 2.98 times.
D) The predictions of this model can only be applied for a limited number of years of additional education.
B
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Classical growth theory states that
A) growth is maximized when everyone is fully employed. B) growth is followed by increases in the population, eventually leaving real GDP per person unchanged. C) growth in real GDP per person is difficult in the beginning but easier in the later stages. D) advances in technology will always insure a permanent increase in real GDP per person.
On the graph above, unplanned inventory investment occurs if the economy is moving from point ________ to point ________
A) D; C B) C; B C) B; A D) all of the above E) none of the above