The demand for oil rig workers off the coast of Louisiana is the same as the demand for oil pipeline workers in North Dakota. The annual earnings of Louisiana oil rig workers is 22% higher than the earnings of North Dakota oil pipeline workers. A possible explanation for this is
A. Louisiana oil rig workers can work only part of the year, but North Dakota oil pipeline workers can work year round.
B. being an oil rig worker in Louisiana must be more dangerous than being a pipeline worker in North Dakota.
C. the amount of human capital needed to be a pipeline worker must be greater than the amount of human capital necessary to be an oil rig worker.
D. Louisiana oil rig workers must face discrimination that is not encountered by North Dakota oil pipeline workers.
Answer: B
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The reason a brand name item (e.g., Tyson chicken) has a larger price elasticity than a class of items (e.g., chicken) is that:
A. there are fewer substitutes for chicken generally than for Tyson chicken. B. the share of income spent on "chicken" is larger than spent on "Tyson Chicken". C. it takes a lot of time to adjust to a substitute brand of chicken. D. there are fewer substitutes for Tyson chicken than for chicken generally.
On the Lorenz curve graph, the area between the line of equality and the Lorenz curve is 2,500, and the entire area beneath the line of equality is 5,000. What does the Gini ratio equal?
What will be an ideal response?
If a deal looks too good to be true
a. The seller most likely made a mistake b. Be cautious. It probably is too good to be true c. Trust the seller to give you a good deal d. A good deal is a good deal. Go for it.
The unionization rate grew most rapidly in the United States between
A. 1935 and 1945. B. 1980 and 1988. C. 1950 and 1953. D. 1880 and 1901.