Differences in what can help explain the wage gap between U.S. born and foreign born workers employed in the U.S.?
(a) Gender
(b) Schooling
(c) Immigration policy
(d) All of the above
(b)
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The owners of the resource ________ are paid ________
A) land; wages B) labor; profit C) capital; rent D) capital; interest E) entrepreneurship; wages
Refer to Table 1-3. What is Ivan's marginal cost if he decides to stay open for six hours instead of five hours?
A) $10 B) $20 C) $25 D) $91.67
Which of the following statements is true? a. Minimum wage creates a labor deficit in a market
b. Minimum wage intends to increase the consumer surplus. c. Minimum wage is a wage set below the equilibrium wage in order to create more job opportunities. d. Minimum wage harms the unskilled workers between the age group 40 and 50. e. Minimum wage harms the unskilled workers between the age group 16 and 19.
If resources and goods are free to move across states and if Oregon producers choose to specialize in producing honey while California producers choose to specialize in growing almonds, then we could reasonable conclude that:
a. California has a comparative advantage in producing almonds b. Oregon has a comparative advantage in producing honey. c. the opportunity cost of growing almonds is lower in California than in Oregon. d. all of the above are true.