The wage increase from investments in human capital is called economic rents.

The individual transferrable quota system (ITQ) used to control overfishing is a variation of

A) the tragedy of the commons. B) a prisoner's dilemma game. C) the cap-and-trade system. D) a negative externality.

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

1. A common mistake made by consumers is the failure to take into account the monetary costs of their actions. 2. One reason college students do not study enough to get high grades is that they are unrealistic about their future behavior. 3. A sunk cost is a cost that has already been paid and cannot be recovered.