Economists who study economic mobility have found that, if a father earns 20 percent above his generation's average income, his son will most likely earn
a. an income equal to his generation's average income.
b. 8 percent above his generation's average income.
c. 5 percent below his generation's average income.
d. 3 percent above his generation's average income.
b
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Suppose that a hurricane destroys part of the tobacco crop in North Carolina
What willhappen to the price of tobacco? What will happen to the marginal product of tobacco field workers as a result of the hurricane? Can we tell what will happen to the demand for tobacco field workers? Explain.
Someone who is available for work but has not actively looked for work in the previous four weeks would be classified as
A) employed. B) not in the labor force. C) not in the working-age population. D) unemployed.
Explain how a well-functioning financial system can increase total factor productivity and promote economic growth
What will be an ideal response?
A labor union composed of workers in the same occupation is called
A) a craft union. B) an industrial union. C) a company union. D) a closed shop.