Because skills are costly to obtain, at a given wage rate, the
A) quantity demanded of high-skilled labor is less than the quantity demanded of low-skilled labor.
B) quantity demanded of high-skilled labor is greater than the quantity demanded of low-skilled labor.
C) quantity supplied of high-skilled labor is less than the quantity supplied of low-skilled labor.
D) quantity supplied of high-skilled labor is greater than the quantity supplier of low-skilled labor.
C
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Putting money into mental categories can:
A. cause people to take risks they wouldn't otherwise take. B. help people organize their expenditures. C. cause irrational behavior. D. All of these are true.
If you lived in Jamaica, you would know that Jamaican GDP less capital depreciation in Jamaica equals
a. Jamaican GNP b. Jamaican national income c. Jamaican NDP d. Jamaican NNP e. Jamaican net investment
In the United States, long-term poverty, defined as a family having an income below the poverty line for eight or more years, is
a. common, affecting approximately 25 percent of all American families. b. common, affecting approximately 15 percent of all American families. c. uncommon, affecting approximately 8 percent of all American families. d. rare, affecting approximately 3 percent of all American families.
If the typical perfectly competitive firm is earning an economic profit in the short run, then in the long run:
a. new firms will enter. b. market supply will decrease. c. market price will increase. d. each firm will earn an economic loss.