Difference in wages can be explained by differences in
a. job characteristics and worker characteristics.
b. job characteristics but not worker characteristics.
c. worker characteristics but not job characteristics.
d. neither worker characteristics or job characteristics.
a
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Colin spends his income of $100 per week on two goods: pizzas (which cost $8 each) and milk (which costs $1 per gallon)
At his current level of consumption, the marginal utility from the last pizza consumed is 32 and the marginal utility from the last gallon of milk is 4 . Is Colin maximizing his utility? Why or why not? If not, what should Colin do to achieve a higher level of utility?
A person that is risk averse
A) exhibits decreasing marginal utility of wealth. B) exhibits increasing marginal utility of wealth. C) always engages in fair bets. D) loves lotteries.
Research by James Smith indicates that the grandsons of Mexican males who immigrated to the U.S. in the early 1900s
a. have higher levels of education and higher salaries than their grandfathers. b. have lower levels of education, but higher salaries than their grandfathers. c. have about the same level of education as than grandfathers and similar salaries. d. have lower levels of education and lower salaries than their grandfathers.
Exports will increase when there is
A) a reduction in the real exchange rate. B) a reduction in domestic output. C) a reduction in foreign output. D) all of the above E) none of the above