In the late 19th and early 20th century, the relative earnings of foreign workers were ________________ the earnings of native workers after adjusting for differences in schooling, skills and other factors
a. approximately equal to
b. much less than
c. slightly greater than
d. much greater than
a. approximately equal to
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When faced with all available alternatives, the consumer will select the one that is ranked the highest. This principle is called:
A. the choice principle. B. the ranking principle. C. the consumption principle. D. the more-is-better principle.
Okun's law expresses the relationship between:
A. unemployment and inflation. B. cyclical unemployment and the output gap. C. frictional unemployment and structural unemployment. D. the money supply and the velocity of money.
Assume that the current interest rate is 6%. You invest $10,000 of your own money in a restaurant that you own and operate. The normal return on this investment is
A. $0, as you used your own money. B. $600, as that is the interest forgone by not lending the money to someone else at a 6% interest rate. C. $10,000, as that is the amount invested in the restaurant. D. $10,600, the amount invested plus the interest charge on the investment.
An industry with a ________ long-run supply curve is called a constant-cost industry.
A. horizontal B. vertical C. positive sloping D. negative sloping