What does it mean for the U.S. economy to have a positively skewed wage distribution?
A. A large proportion of workers earn very high wages.
B. The distribution of wages is symmetric around the mean.
C. The average wage equals the median wage.
D. Most workers earn below the average wage.
E. The mean wage equals the median wage.
Answer: D
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The value of the CPI for the reference base period is always
A) 100. B) 0. C) 1. D) 50. E) None of the above, because the value of the CPI is not always the same for all reference base periods.
What kind of profit can a monopoly make in the short run? In the long run? Explain your answers
What will be an ideal response?
Monopsonistic exploitation is
A) measured by the area above the supply curve but below the wage paid. B) the difference between the marginal revenue product of a worker and the wage received by the worker. C) measured by the height of the supply curve of labor. D) the cost to society from unions.
A new toll of $0.50 per car is in place on a bridge, and 1,000 cars have used the bridge. Total tax revenues would be:
A. $500. B. $2,000. C. $1,000. D. $5,000