Who are likely to earn higher incomes, doctors or nurses, and why?
a. doctors, because their training is more expensive
b. doctors, because their job has higher social status
c. nurses, because their job is more desirable
d. nurses, because their education is more costly
e. doctors, because there are more job openings for them
A
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A monopoly can arise when a large firm in an industry is able to take advantage of economies of scale in a way that leads to lower production costs and lower consumer prices
a. True b. False Indicate whether the statement is true or false
A collective-action problem is a situation in which:
A. a group of people stand to gain from an action that is not rational for any of the members to undertake individually. B. people are reluctant to voluntarily pay for goods and services because they believe their individual contribution will not make a difference. C. people are often reluctant to voluntarily pay for goods and services that provide benefits for everyone, even for those who don't pay. D. a small group of individuals gains power that sways the decisions of society to their personal gain at the expense of the larger society.
Suppose the US is in a recession while foreign countries that trade with the US are not. How will this affect the US?
A. US imports will fall, US exports will rise, and AD will fall B. US imports will fall, US exports will rise, and AD will rise C. US imports will rise, US exports will fall, and AD will fall D. US imports will fall, US exports will fall, and AD will remain unchanged
Developing economies are generally characterized by a dual economy, which means that they have:
A. an international sector and a domestic sector. B. a public sector and a private sector. C. a market sector and a traditional sector. D. a manufacturing sector and an agricultural sector.