Wages typically vary among individuals for all of the following reasons, except one. Which is the exception?
a. differences in ability
b. geographical differences in the cost of living
c. differences in educational attainment
d. differences in labor market experience
e. differences in the prices of the goods produced by labor
E
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Matt pays a $50 a month membership fee at Bruno's Gym. He can exercise at the gym as many times as he wishes
If the membership fee is measured along the vertical axis and the number of times he exercises is measured along the horizontal axis, the graph between his membership fee and the number of times he exercises will A) be a horizontal line. B) be positively sloped. C) be negatively sloped. D) be a vertical line. E) start out positively sloped and then, as Matt loses interest, become negatively sloped.
Suppose domestic automobiles were allocated in the United States the way public education is allocated. Describe how this system might work
The opportunity cost of producing a pair of pants in the USA is 5 bushels of wheat, while in China, it is 2 bushels of wheat. As a result:
a. there can be mutual gains from trade to the two countries if the USA exports wheat to China in exchange for pants b. The USA has a comparative advantage over China in the production of pants. c. China has a comparative advantage over the USA in the production of wheat d. there can be mutual gains from trade to the two countries if the USA exports pants to China in exchange for wheat.
Reunification of East and West Germany created which sequence of events?
I. an increase in German rates of interest II. a boom in German output and a shift to the right of the German IS curve III. large reunification costs financed by increased government spending IV. an increase in rates of interest in ERM nations A) IV, I, III, I B) III, II, I, IV C) I, II, III, IV D) IV, III, II, I