In recent years, the ratio of earnings of the typical U.S. college graduate to the earnings of the typical high school graduate without additional education has
a. risen as the demand for skilled labor has increased relative to the demand for unskilled labor.
b. risen as the demand for skilled labor has decreased relative to the demand for unskilled labor.
c. fallen as the demand for skilled labor has increased relative to the demand for unskilled labor.
d. fallen as the demand for skilled labor has decreased relative to the demand for unskilled labor.
a
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Because a monopolist must cut its price to increase its sales by one unit,
a. MR > P at every output level. b. MC > MR at every output level. c. P > MR at every output level. d. MC > P at every output level.
The theory of land rent holds that
a. all plots of land are identical. b. all land yields a positive rent return. c. rent on any piece of land will equal the difference between the cost of producing the output on that land and the cost of producing it on marginal land. d. competition for superior plots of land will force the rent on those lands to a marginal return of zero.
A decrease in real GDP would affect the U.S. economy by:
A. cutting tax revenues and raising government expenditures. B. cutting government expenditures and raising tax revenues. C. raising both tax revenues and government expenditures. D. cutting both government expenditures and tax revenues.
Firms 1 and 2 compete in a Cournot duopoly. If firm 2 adopts a strategy that raises firm 1's marginal cost:
A. firm 1's reaction function will shift down. B. firm 2's reaction function will shift down. C. firm 1's reaction function will shift up. D. firm 2's reaction function will shift up.