The shift of labor out of agriculture to industry in the United States has tended to:
A. reduce unemployment in the industrial sector.
B. increase labor productivity.
C. reduce the rate of productivity growth.
D. increase unemployment in the agriculture sector.
Answer: B
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In a hypothetical country, the average wage of five 40-year-old citizens with college education is $36,896, and the average wage of five 40-year-old citizens with high school education is $25,864
What is the returns-to-college education in the country? Is there any limitation of this analysis? Explain your answer.
Data on exports and imports for the United States over the period from 1890 to 2008 show that
A) the United States had large trade deficits throughout this entire period. B) the United States had large trade surpluses throughout this entire period. C) the percentage of total output exported by U.S. firms fell dramatically during World War I and World War II. D) a higher percentage of U.S. goods was exported in recent years than in earlier years.
The government agency that controls the development and availability of new medical discoveries, including pharmaceutical drugs is
a. the Health Care Financing Administration. b. the Food and Drug Administration. c. the Centers for Disease Control. d. the National Institutes for Health. e. the Federal Emergency Medical Administration.
Once a monopolistically competitive firm innovates, it is likely that:
A. it will need government protection to earn enough to cover its R & D costs. B. it will enjoy long-run profits. C. other firms will rush to create similar, highly substitutable goods. D. None of these is likely to happen.