The difference in wages that results from nonmonetary characteristics of different jobs is called the
compensating differential.
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Suppose a 10% increase in the price of aspirin leads to a 5% decrease in the quantity demanded of aspirin. The demand for aspirin, therefore, is
A. inelastic. B. perfectly inelastic. C. unit elastic. D. elastic.
Human capital refers to:
A. the skills and knowledge that enable a worker to be productive. B. the accumulated financial wealth of households. C. physical capital owned by households rather than businesses. D. machinery used by labor in production.
Indians and Indian-Americans have played a pivotal role in powering Silicon Valley's digital revolution. The emigration of talented people from countries like India to countries like the United States is often called:
A. credentialism. B. the brain drain. C. Malthusianism. D. outsourcing.
Contractionary monetary policy tends to push the U.S. price level:
A. up and lower the exchange rate. B. down and lower the exchange rate. C. down and raise the exchange rate. D. up and raise the exchange rate.