The entry of China and other developing countries into the global economy ________ the wages of low-skilled workers and ________ the wages of high-skilled workers in the United States
A) lowers; lowers
B) raises; raises
C) raises; lowers
D) lowers; raises
D
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If the foreign exchange rate for 1 Hungarian forint is 0.5 cent, then
A) a dinner priced at 400 forints will cost $20. B) a wine that sells for 600 forints will cost $3,000. C) a Big Mac hamburger priced at 50 forints will cost $1. D) a hotel room renting for 40,000 forints will cost $200.
The ratio of the change in the equilibrium level of output to the change in taxes is the
A. tax multiplier. B. tax rebate ratio. C. government tax deficit. D. tax revenue calculator.
Under the Soviet system of communism,
A) technological progress was slow because managers had little incentive to develop new technologies. B) managerial pay was determined by the extent to which managers could lower the per-unit costs of production. C) the per-worker production function in the Soviet Union shifted up more rapidly than production functions in other countries. D) competitive pressures in the Soviet Union allowed the country's technological progress to keep pace with the rest of the world.
Your text refers to airlines as "The Kings of Price Discrimination." Why is price discrimination common in the airline industry?
What will be an ideal response?