The most important factor contributing to wage differences in the labor market is differences in the level of education and training among workers
Indicate whether the statement is true or false
TRUE
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If the U.S. population grew at a 0.9 percent during 2006 and real GDP grew at a 4.4 percent during the same period, what was the growth rate of real GDP per person?
A) 1.6 percent. B) 7.75 percent. C) 3.5 percent. D) 6 percent. E) 0 percent.
Long-run economic rent or profit do not exist for fixed factors like land because
A) bidding drives up the price of the factor until no economic rent exists. B) there is no market for such factors. C) these factors have L-shaped isoquants. D) these factors will earn economic profits.
Which of the following is an assumption made while constructing a production possibilities frontier [PPF]?
a. Dynamic technological know-how b. Flexible resource quality c. Fixed resource quantity d. Full and efficient use of resources e. Flexible money supply
Emigration causes __________ in the capital-labor ratio and __________ in the return to capital.
a. increases; decreases b. increases; increases c. decreases; decreases d. decreases; increases