Difficulties in determining the cyclical pattern in real wage rates from aggregate data are primarily caused by biases due to
A) substitution behavior.
B) substantial differences across different business cycles.
C) variations in the composition of the labor force over the business cycle.
D) changing policy responses to business cycles.
C
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Moving along a PPF, marginal cost is
A) the cost of producing the first unit of a good or service. B) the total cost, less the production of the other good or service. C) greater than the opportunity cost. D) equal to the opportunity cost of producing one more unit of a good or service.
What are the prerequisites of a good forecast?
What will be an ideal response?
The factor accounting for most of the earnings difference between equally educated and experienced men and women is that women
a. receive less pay for equal work. b. are segregated into low-paying occupations. c. receive comparable pay only when they do work of comparable value to the employer. d. are prohibited by law from doing certain kinds of work.
Refer to the above figure. We are currently producing at point c. Which of the following statements is TRUE?
A. The only way to produce more of Goods X or Y is to have an increase in the amount of resources. B. Resources are not being efficiently utilized. C. The Law of Increasing Additional Cost does not hold. D. Resources are being efficiently utilized.