The demand curve for high-skilled labor lies to the right of the demand curve for low-skilled labor because
A) there are more high-skilled workers than low-skilled workers.
B) high-skilled workers require more compensation to convince them to work than do low-skilled workers.
C) high-skilled labor is more productive than low-skilled labor.
D) firms need not be concerned with the minimum wage in the market for high-skilled labor.
C
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The above figure shows the production possibility frontier for an economy. The point or points that are attainable and production efficient are
A) points B and C. B) points A, B, and C. C) point E. D) points A, B, C, and D. E) points A and D.
Joe's Pizza Shop only makes pizza. If each pizza requires five people, each of whom specializes in one task, this method of production is an example of
A) economies of scope. B) team production. C) economies of monitoring. D) economies of coordination.
The wealth effect explains the:
A. negative relationship that exists between consumer spending and overall price level. B. positive relationship that exists between consumer spending and overall price level. C. negative relationship that exists between consumer spending and overall asset valuation. D. positive relationship that exists between consumer spending and overall asset valuation.
A proprietorship is
A. taxed twice-once when it pays business taxes and again when its owner pays personal income taxes. B. not often found in developed economies, in which corporations have become the most common form of business organization. C. difficult to form. D. risky for its owner, who is personally responsible for the firm's debts.