Which statement is true?
A. Productivity only partially explains wage differentials.
B. The reason why college graduates earn much more than high school graduates is that they have received very valuable job training in college.
C. With almost no exceptions, the more productive you are, the more you earn.
D. None of the statements are true.
A. Productivity only partially explains wage differentials.
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In economics, the term "equity" means
A) economic benefits are distributed fairly. B) everyone has an equal standard of living. C) the hardest working individuals consume all they want. D) only elected officials have high standards of living.
Is the following a positive or normative statement? The United States government should mandate that every citizen purchases health insurance
If consumers cannot readily switch to a close substitute when the price of a good increases, the demand for that good is likely to be:
A. elastic. B. unit elastic. C. perfectly elastic. D. inelastic.
The Keynesian transmission mechanism might get blocked if
A) investment is insensitive to changes in interest rates. B) the goods market is not in equilibrium. C) the money supply increases too quickly. D) interest rates are too high before they fall.