In determining wages, ability, effort, and chance
a. probably play no role whatsoever.
b. play a role, but their importance is hard to gauge since ability, effort, and chance are hard to measure.
c. play a role, and that role is fully captured in easy-to-measure factors such as human capital and age.
d. play a role, and it is fully explained within the context of compensating differentials.
b
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Which of the following is not a component of GDP in the expenditures approach?
A. Workers' wages and other compensation B. Government purchases C. Gross private domestic investment D. The difference between exports and imports
In the figure above, at the allocatively efficient level of computer production the marginal cost of producing a computer is
A) 0 televisions per computer. B) between 0 and 3 televisions per computer. C) 3 televisions per computer. D) more than 3 televisions per computer.
Given the data in the above table, income of $13, a price of $1 for a bottle of water and $2 for a hamburger, what is the quantity of water and the quantity of hamburgers that will maximize the consumer's total utility?
A) 5 bottles of water and 4 hamburgers B) 4 bottles of water and 4 hamburgers C) 1 bottle of water and 6 hamburgers D) 6 bottles of water and 6 hamburgers
The above table shows the marginal benefits and costs from production of fertilizer. There are no external benefits. If the market is perfectly competitive and unregulated, at the equilibrium level of output, the marginal external cost per ton is
A) zero. B) $30. C) $80. D) $110.