The wage rate for high-skilled labor is higher than that for low-skilled labor because
A) both the demand for and the supply of high-skilled labor is greater than that for low-skilled labor.
B) the demand for high-skilled labor is greater than the demand for low-skilled labor and the supply of high-skilled labor is less than the supply of low-skilled labor.
C) the demand for high-skilled labor is less than the demand for low-skilled labor and the supply of high-skilled labor is greater than the supply of low-skilled labor.
D) both the demand for and the supply of high-skilled labor is less than that for low-skilled labor.
B
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In game theory, an example of a payoff could be:
A. monetary gains made by a player. B. being the first mover in a game. C. sharing information with a select few that others aren't privy to. D. giving an advantage to only one player.
In order to make a rational choice, people must
A) decide quickly without wasting time. B) be able to afford the choice decided upon. C) determine what is in the social interest. D) only know what they want. E) compare marginal costs and marginal benefits.
A decrease in the price level will result in:
a. a downward shift of the AD curve. b. an upward shift of the AD curve. c. a movement up the AD curve. d. a steeper slope of the AD curve. e. a movement down the AD curve.
The Fed has been able to achieve a zero rate of inflation throughout most of the 1990s
a. True b. False