The growth rate of average annual earnings in the United States from 1973 to 1995 was:
A. lower than it was from 1960 to 1973.
B. the same as it was from 1960 to 1973.
C. higher than it was from 1960 to 1973.
D. roughly equal to zero.
Answer: A
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Because of product differentiation in a monopolistically competitive market, the demand curve for an individual firm will be
A) horizontal. B) vertical. C) downward sloping. D) upward sloping.
Why is it hypothesized that the slope of the age-earnings profile is likely steeper for workers who remain with their job (i.e., job stayers) compared to workers who experience job separation (i.e., quits and layoffs)?
A. Workers who experience a job separation experience a jump down in the age-earning profile, which then must be flatter by construction. B. Workers who experience job turnover, both quits and layoffs, are less productive than job stayers. C. Workers with longer tenure at their current firm have invested more in valuable firm-specific training. D. Workers who experience a job separation must pay for their own job retraining. E. None of the above explain why the age-earnings profile is steeper for job stayers compared to workers who experience job separation.
If unemployment and inflation move inversely, then we can infer that business fluctuations are
A. from the demand side. B. from the supply side. C. from both the demand and supply side. D. purely random events.
Economists refer to things that have already been produced that are in turn used to produce other goods and services as
A. entrepreneurship. B. capital. C. land. D. labor.