The more specialized and highly valued a worker’s skills are,
A. the lower is the worker’s stock of human capital.
B. the more likely the worker is to earn economic rent.
C. the less likely the worker is to sell the skills on the primary labor market.
D. the more likely the worker is to be directly affected by minimum wage legislation.
Answer: B
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All of the following is consistent with the classical theory of employment EXCEPT
A. The interest rate will equalize savings and investment. B. Everything produced will necessarily be purchased. C. Saving and investing are done by different people for different reasons. D. Wages and prices are flexible downwards.
Which of the following statements best describes the U.S. high school graduation rate?
a. As recently as 1970, only about half of U.S. adults had at least a high school diploma; by the start of the twenty-first century, more than 90% of adults had graduated from high school. b. As recently as 1980, only about half of U.S. adults had at least a high school diploma; by the start of the twenty-first century, more than 80% of adults had graduated from high school. c. As recently as 1970, only about half of U.S. adults had at least a high school diploma; by the start of the twenty-first century, more than 70% of adults had graduated from high school. d. As recently as 1970, only about half of U.S. adults had at least a high school diploma; by the start of the twenty-first century, more than 60% of adults had graduated from high school.
The aggregate demand curve identifies the level of aggregate production corresponding to a change in the price level
a. True b. False
The short-run effect of a sudden increase in stock prices will be
a. an increase in output and a decrease in prices. b. an increase in both output and prices. c. a decrease in both output and prices. d. a decrease in output and an increase in prices.