Which of the following best describes compensating wage differentials?
a. Some jobs are more difficult than others, and the pay for them reflects this.
b. Some jobs require more training than others, and the pay for them reflects this.
c. Some jobs require more experience than others, and the pay for them reflects this.
d. Some jobs require unique abilities, and the pay for them reflects this.
a
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One of the key economic questions is "where should products be produced?"
Indicate whether the statement is true or false
If income is equally distributed, the Gini ratio is zero
Indicate whether the statement is true or false
Bank capital is equal to
A) the value of the capital originally invested in the bank by its owners. B) the value of everything the bank owns. C) the difference between the value of the bank's assets and the value of its liabilities. D) the value of the buildings and other physical assets the bank owns.
Which of the following does not contribute to an improved standard of living?
a. Increases in the amount and quality of available resources b. Better technology c. Higher prices for the necessities of life d. Improvements in the "rules of the game" e. Increases in the quality of labor