When the supply of workers is plentiful, one would predict that market wages would be
a. determined outside the domain of economic theory.
b. determined solely by factors that affect demand.
c. low, other things equal.
d. high, other things equal.
c
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What is the budget surplus if the total amount of taxes collected by a local government is $171,000 and the total amount spent is $90,000?
A) $81,000 B) $100,000 C) $70,000 D) $262,000
On the vertical axis, the production possibilities frontier shows ________; on the horizontal axis, the production possibilities frontier shows ________
A) the quantity of a good; the number of workers employed to produce the good B) the quantity of a good; the price of the good C) the quantity of a good; a weighted average of resources used to produce the good D) the quantity of one good; the quantity of another good
Consider this quote from an article in the Wall Street Journal: "The stock of educated workers isn't increasing fast enough to keep up with rising demand
Employers are paying the typical four-year college graduate [without graduate school] 75% more than they pay high-school grads. Twenty-five years ago, they were paying 40% more. Employers insist on ever better-educated, skilled workers. " Source: David Wessel, "Lack of Well-Educated Workers Has Lots of Roots, No Quick Fix," Wall Street Journal, April 19, 2007, A) The demand for high-school educated workers shifted to the left faster than the supply of college educated workers shifted to the right. B) The supply of high-school educated workers shifted to the right faster than the demand for college educated workers shifted to the right. C) The demand for college educated workers shifted to the right faster than the supply of college educated workers shifted to the right. D) The demand for college educated workers shifted to the right while the supply of college educated workers shifted to the left.
A recent study of the Canadian health care system estimates that a significant portion of the difference between health care spending in the U.S. and Canada is due to age differences between the two populations. Other reasons for lower health care spending in Canada include:
a. comprehensive first dollar coverage for all medically necessary health care services. b. better access to advanced medical imaging in Canada. c. is the geographic isolation of much of the Canadian population, which is a natural deterrent to accessing medical services. d. the monopsony power of the Canadian provincial health plans in negotiating fees with physicians' associations and other providers. e. significant excess capacity of inpatient beds in the Canadian hospital system.