In markets, people's decisions are coordinated by
A) specialization according to absolute advantage.
B) changes in property rights.
C) learning-by-doing.
D) adjustments in prices.
D
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Based on labor-market studies using regression analysis, once educational attainment is accounted for with college graduates, the wage gap between Asians and whites ________ and the wage gap between whites and blacks ________
A) disappears; greatly narrows B) grows; grows C) grows; disappears D) greatly narrows; grows significantly
The additional output a firm produces by hiring one more worker is called the marginal product of labor
Indicate whether the statement is true or false
Between 1945 and 1950, federal expenditures
(a) dropped by two-fifths despite the Marshall Plan. (b) dropped by two-fifths because of dissipation of wartime expenditures. (c) increased by two-fifths because of increased spending in private consumer and business markets. (d) increased by two-fifths because of the Marshall Plan.
When a firm is making a profit-maximizing production decision, which of the following principles of economics is likely to be most important to the firm's decision?
a. The cost of something is what you give up to get it. b. A country's standard of living depends on its ability to produce goods and services. c. Prices rise when the government prints too much money. d. Governments can sometimes improve market outcomes.