A welder loses his job because he has been replaced by a robot. He is only able to find another job at a lower skill level. The unemployment described here will most likely result in a _____ for the welder
a. loss of lifetime earnings
b. loss of human capital
c. deteriorating health condition
d. loss of social cohesion
a
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If one person has all the income and everyone else has none, the Gini ratio is 1
Indicate whether the statement is true or false
If a firm in a competitive labor market offers less than the market wage rate, it will
A. find that it has broken a federal wage law. B. find that the supply is greater than the demand. C. attract too few employees. D. be able to attract a large number of employees because the marginal revenue product is low.
Of the types of business organizations in the United States, sole proprietorships account for the ________ percentage of firms and the ________ percentage of profits
A) smallest; smallest B) smallest; largest C) largest; smallest D) largest; largest
Which of the following will increase macroeconomic equilibrium real gross domestic product?
A. an increase in taxes B. a decrease in productivity C. an increase in input prices D. an increase in government spending