The extra wage that is paid to an individual to attract him/her to a less desirable job is called
A. the specific training human capital difference.
B. a compensating wage differential.
C. the general training human capital difference.
D. the benchmark competitive wage.
Answer: B
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Tariffs are NOT defended on the grounds that they
A) improve the terms of trade of foreign nations. B) protect jobs and reduce unemployment. C) promote growth and development of young industries. D) prevent over-dependence of a country on only a few industries. E) protect domestic producers from foreign low prices.
In practice, it is difficult to integrate the concept of vertical equity into the tax code although it is widely agreed that high-income individuals should pay more
a. True b. False
If a small percentage increase in the price of a good results in a rather large percentage increase in the quantity supplied of the good, supply is said to be
a. vertical. b. relatively inelastic. c. relatively elastic. d. robust.
Demand deposits are essentially
A. coins and currency. B. based on gold deposits with the Fed. C. checkable deposits. D. not legally required to be available sooner than 30 days after a check is presented to a bank.