The difference between the average earnings of eye surgeons and those of janitors is an example of
a. a temporary differential
b. a permanent differential
c. a resource price difference that will cause a reallocation of resources to different uses
d. a temporary difference that will be eliminated through the reallocation of resources to different uses
e. a differential caused by a lack of resource mobility
B
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What is the relationship between the gross domestic product of a country and the level of life satisfaction in the country?
What will be an ideal response?
Refer to Table 5.1. Expected income for the first year is
A) highest in accounting. B) highest in mathematics. C) higher in English than in mathematics. D) higher in political science than in economics. E) highest in economics.
The downward sloping aggregate demand curve can be explained in part through the:
A. positive relationship between the price level and net exports. B. negative relationship between the price level and investment spending. C. positive relationship between the price level and consumption. D. All of these are true.
New trade theory states that some countries specialize in the production and export of a particular product because
What will be an ideal response?