Why is there a difference in the pay received by workers belonging to the same labor market?
Some reasons for the pay differentials between workers include differences in the amount of risk associated with certain jobs, differences in the marginal productivity of workers performing the same job, and differences in the skill and training attained by each worker.
You might also like to view...
If you have flipped a fair coin and tails has come up 49 times in a row, what are the odds that the next flip will be a head?
A) 1/50 B) 1/25 C) 1/2 D) 1 (100%)
Government outlays consist of
a. all governmental purchases resulting from contracts with the private sector and foreign organizations b. government purchases, transfer payments, and interest on the national debt c. any purchase by an organization that is not trying to earn a profit d. government purchases and transfer payments minus the interest on the national debt e. total receipts from all organizations doing business with any level of government
The Latin term caveat emptor, meaning "let the buyer beware," brings to mind the problem of
a. hidden actions. b. adverse selection. c. principals and agents. d. moral hazard.
If the market price for a good produced by a price taking firm is $7, the firm's total revenue is
A. downward sloping. B. a flat line at P=$7. C. an upward sloping line beginning at the origin and having a slope of 7. D. parabolic.