When someone tells you they made $17,000 in 1970:
A. it is difficult to tell from that number if the person was well off or not, because prices have changed so much since then.
B. the income should be adjusted into current dollars to clearly understand what that salary is "worth" in terms of purchasing power.
C. it is a nominal figure that is hard to understand. A real figure would be more helpful.
D. All of these statements are true.
D. All of these statements are true.
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A high four-firm concentration ratio implies
A) an absence of product differentiation. B) a presence of product differentiation. C) an absence of competition. D) a presence of competition.
Why does the labor market have more than one equilibrium wage rate?
a. Workers differ in their productivities. b. Productivity of workers increases initially but later declines. c. The labor demand curve is backward bending. d. Marginal revenue product of different inputs used by firms vary. e. Employers compete among themselves to hire the best workers.
The supply of labor to a particular job will be greater the
a. less the social status that is attached to the job b. less training is required to perform that job c. lower the fringe benefits are of the job d. less flexible the work schedules are in the job e. higher degree of personal risk involved in the job
All of the following are reasonable explanations of the labor productivity speed-up in the United States except
a. labor force quality. b. technological change. c. investment spending. d. research and development.