Earnings usually reflect a person's productivity. What are factors that cause differences in productivity across people so that earnings differ too?
What will be an ideal response?
Productivity differences reflect differences in talent, training, experience, and human capital. People with more training or experience earn more, as do people with more human capital. Finally, some people just have a greater ability for certain things and this makes them more productive.
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The effect of trade on specialized employees of import-competing industries will be ________ jobs and ________ pay because they are relatively ________
A) fewer; lower; immobile B) fewer; lower; mobile C) more; lower; immobile D) more; higher; mobile E) more; higher; immobile
Which of the following is most likely to have declining opportunity costs?
A) a delivery van B) an apartment building in Manhattan C) an acre of land in San Francisco D) a park in downtown London
________ are revenue and spending items in the federal budget that automatically change with the ups and downs of the economy so as to stabilize disposable income, consumption, and real GDP
a. Multipliers b. Discretionary fiscal policies c. Discretionary monetary policies d. Automatic stabilizers
Which of the following examples would most likely not be included in the GDP?
a. Mats critiques manuscripts for a publisher. b. Chiara writes a book review for a magazine. c. Nicole copyedits a research paper for her husband. d. Oskar does research for a professor.