Larger increases in the demand for labor than in the supply of labor explain:
A. the slowdown in real wage growth.
B. skill-biased technological change.
C. the substantial increase in real wages.
D. increasing wage inequality.
Answer: C
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In what ways do economists and policymakers who believe that the federal government should have a larger role in the health care system criticize the Patient Protection and Affordable Care Act (ACA)?
What will be an ideal response?
Refer to Figure 2-1. ________ is (are) unattainable with current resources
A) Point A B) Point B C) Point C D) Points A and C
Innovation that increases the productivity of capital equipment will increase the demand for labor in the short run but decrease wages in the long run.
Answer the following statement true (T) or false (F)
Two firms, Acme and FirmCo, have access to five production processes, each of which has a different cost and gives off a different amount of pollution. The daily costs of the processes and the corresponding number of tons of smoke emitted are shown in the table below.ProcessABCDE(smoke/day)(4 tons/day)(3 tons/day)(2 tons/day)(1 tons/day)(0 tons/day)Cost to Acme ($/day)$750$800$1,000$1,400$2,000Cost to FirmCo ($/day)$500$750$1,200$2,200$4,000 Suppose the firms are both currently using process A. If the government requires each firm to reduce pollution by 20 percent, then the firms will adopt process ________, and a total of ________ tons of smoke will be emitted each day.
A. B; 16 B. A; 18 C. D; 8 D. C; 12