Institutions that encourage productive activities and discourage counterproductive ones, will tend to promote
What will be an ideal response?
economic growth.
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Most economists would agree that "saving jobs" is a valid reason for restricting trade
Indicate whether the statement is true or false
Given the amount of time and other costs of investing in human capital that it takes to earn a Ph.D., why are college professors paid less than other occupations that require similar or lesser amounts of human capital?
Continued economic growth is desirable if it means that the standard of living continues to increase.
Answer the following statement true (T) or false (F)
When the government imposes a payroll tax on employers (and not on workers), which of the following effects will not come about?
A. Firms and workers typically both bear a portion of the tax. B. Employment falls. C. The costs of hiring increase. D. Real wages will remain fixed if the labor market is competitive. E. The labor demand curve shifts down.