Doctors demand large salaries in part because
a. they are forbidden by U.S. law from receiving economic rent.
b. most doctors have backward-bending labor supply curves.
c. they participate in the secondary labor market.
d. they have made significant investments in human capital.
d
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According to historian Charles Beard's analysis and interpretation, the Constitution was
(a) divinely inspired. (b) strongly favored by the vast majority of the colonists. (c) influenced by the economic self-interest of the delegates to the Constitutional Convention. (d) of little importance to future economic growth.
One of the causes of World War I was _________
a. the deteriorating standards of living in Europe. b. the assassination in Serbia of Austrian Archduke Ferdinand. c. Europe had experienced several wars in recent decades that spilled over into World War I. d. the European working class was increasingly fractured and nationalistic.
Other things equal, which of the following is the result of increased saving?
a. a decrease in interest rates b. a decrease in prices c. forgone consumption d. all of the above
A binding price ceiling causes a shortage in the market
a. True b. False Indicate whether the statement is true or false