Permanent price differentials among resources are explained by which of the following reasons?
a. movement from lower pay to higher pay
b. movement from no benefits to higher benefits
c. differences in the time and money involved in developing the necessary skills
d. none of the above explain permanent price differentials in resources
c
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In order for mutually beneficial trade to occur between two otherwise isolated nations
A. each nation must be able to produce at least one good absolutely cheaper than the other. B. each nation must be able to produce at least one good relatively cheaper than the other. C. one nation's production must be labor-intensive while the other nation's production is capital-intensive. D. each nation must face constant costs in the production of the good it exports.
Which of the following statements regarding the Lorenz curve is FALSE?
A) A Lorenz curve is a geometric representation of the distribution of income. B) A Lorenz curve that is perfectly straight represents complete income equality. C) The less bowed is a Lorenz curve, the less equally income is distributed. D) The more bowed is a Lorenz curve, the more unequally income is distributed.
Stocks and bonds are examples of:
a. natural resources. b. financial capital. c. physical capital. d. financial labor. e. internal capital.
Which of the following is not a reason it is harder to unionize in the fast growing service industry? a. Service sector jobs are often in small firms, making it difficult to organize large numbers of employees across the industry. b. Service industry jobs are often standardized, reducing the need for unions to negotiate working conditions. c. Employees in the service sector often work more
closely with management. d. Service industry jobs are more varied, making it harder to negotiate as a group.