Given their skills and education, steelworkers earn higher incomes than they would in other occupations. This is partly because:
A. steel workers face a higher risk of getting injured or killed.
B. it is costly to acquire skills necessary for jobs at steel mills.
C. few people have skills and knowledge required for jobs at steel mills.
D. All of these
Answer: A
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Suppose that we observe that wages are falling while output is increasing. Holding the demand for output constant, what might cause this to happen?
What will be an ideal response?
The perfect competitor's demand curve is
A. perfectly elastic. B. relatively elastic. C. relatively inelastic. D. perfectly inelastic.
Refer to Figure 6.4. If a market experiences excess supply and fails to maximize total surplus, a minimum price must have been set at:
A. A. B. B. C. C. D. There is not sufficient information.
The financial account is
A. the reserve assets created by the International Monetary Fund for countries to use in settling international payment obligations. B. a category of the balance of payments transactions that measures flows of real and financial assets. C. a category of the balance of payments transactions that measures the exchange of merchandise, the exchange of services, and unilateral transfers. D. the price of one nation's currency in term of the currency of another country.