Based on the example provided by the authors, what is the key factor that explains much of the growing inequality in wages paid to different types of workers in the U.S. since 1980?
A) Changes in the gender composition of the work force
B) Changes in the age distribution of the work force
C) Differences in computer and data analysis skills
D) Changes in the geographic concentration of workers
C
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In an open economy, the law of one price implies that
A) the domestic economy may have a comparative advantage in only half the goods it produces. B) perfect competition holds in all domestic markets. C) purchasing power parity should hold. D) the nominal exchange rate should equal one.
In general, information asymmetries are _________________ within financial markets.
A. common B. not accounted for C. uncommon D. not easily accounted for
If a firm is experiencing diminishing returns to a variable input, then:
a. it must be hiring less-productive units of the variable resource. b. it must be experiencing diseconomies of scale. c. the marginal physical product of the variable input must be decreasing. d. the average physical product of the variable input must be decreasing. e. its total product must be decreasing.
Consider the currency market for British pounds and U.S. dollars. An increase in the supply of British pounds:
A. Results in an appreciation of the pound and a depreciation of the dollar B. Results in a depreciation of the pound and a depreciation of the dollar C. Is equivalent to an increase in the demand for the U.S. dollar D. Is equivalent to a decrease in the demand for the U.S. dollar