Which theory would support the idea that education does not enhance productivity and therefore raising all workers' educational levels would not affect wages?
a. signaling theory
b. human-capital theory
c. physical-capital theory
d. the efficient-market hypothesis
a
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It is efficient to produce an additional shirt if the
A) marginal social benefit of producing the shirt is greater than zero. B) marginal social benefit of producing the shirt is zero. C) marginal social benefit of producing the shirt is greater than the marginal social cost of producing it. D) total social benefit from producing shirts is maximized.
In economic terms, the total price of a pound of meat for an individual who has waited in line is
A) the money price paid to the butcher for the pound of meat. B) the money price of meat relative to the price of bread or other necessity. C) the money price of the meat plus the opportunity cost of time spent waiting in line. D) the money price of an equal amount of meat substitute, such as beans and rice.