The wage difference between jobs that require education and those that don't
a. is not likely to be related to productivity differences.
b. is a barrier to obtaining an education.
c. does not affect the supply of workers in the different labor markets.
d. encourages workers to bear the cost of acquiring education.
d
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The value of cross elasticity of demand between orange soda and grape soda is
a. negative b. positive c. 0 d. between –1 and 0 e. less than –1
A way to summarize the actions and payoffs of a sequential game is to use a:
A. payoff tree. B. decision matrix. C. flowchart. D. decision tree.
The correlation between wages and the probability of encountering a fatal injury while on the jobs can be used to calculate the value of
A. safety. B. work. C. life. D. injury. E. risk.
One drawback in using fiscal policy as a stabilization tool is that fiscal policy:
A. is not useful for dealing with prolonged episodes of recession. B. effects are frequently offset by automatic stabilizers. C. affects potential output as well as aggregate expenditure. D. is too flexible to use to close output gaps.