Over the past 50 years, the average real wage for males who do not have a college diploma has ________
A) fallen
B) risen
C) remained essentially unchanged
D) risen in economic contractions and fallen in economic expansions
A
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If a firm introduces some technology that substitutes capital for labor, ________, assuming all else equal
A) there will be an upward movement along the labor demand curve of the firm B) there will be a downward movement along the labor demand curve of the firm C) there will be a rightward shift in the labor demand curve of the firm D) there will be a leftward shift in the labor demand curve of the firm
Bringing oil to the market is a relatively long and costly process. The whole process from exploration to pumping significant amounts of oil can take years. What does this indicate about the price elasticity of supply for oil?
A) The elasticity coefficient is likely to be very high and supply is inelastic. B) The elasticity coefficient is likely to be low and supply is highly inelastic. C) The elasticity coefficient is likely to be low and supply is highly elastic. D) The elasticity coefficient is likely to be close to zero and supply is perfectly elastic.
If a firm experiences diminishing returns its marginal product must be negative
Indicate whether the statement is true or false
One plausible explanation of the U.S. productivity slowdown starting in 1973 is that it was a result of the increase in the relative price of energy. This explanation would require that, in light of higher energy costs, the
A) capital stock is overestimated. B) capital stock is underestimated. C) labor force is overestimated. D) labor force is underestimated.