1. (18 Points - 6 points each) True, False, or Uncertain Determine whether each of the statements is true, false, or uncertain. Please use both well-labeled graphs and clear explanations. All answers will be graded entirely on your justification. Use, as appropriate formulas and graphs. a) A college graduate will earn about $1 million more over the course of a career than a high school graduate. TFU: This means that a college education is a good investment for just about anybody, because no college education will cost $1 million. b) Consider two situations: (1) those with the highest academic ability are the most patient; (2) those with lowest academic ability are the most patient. TFU: There will be more income inequality in situation 1 than in situation 2. HINT: Use the Becker supply-and-demand (stopping rule) model. c) The returns to acquiring human capital after school (on-the-job training) are higher for better-educated individuals. HINT: Think about the empirical age-earnings profiles we have seen