Economists have found evidence that differences in wages can be explained by
a. experience
b. job characteristics
c. physical attractiveness
d. All of the above are correct.
d
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The major drawback of a price ceiling is
A. it causes a surplus. B. government regulations of this kind are difficult to enforce. C. it causes a shortage. D. there is no drawback.
If a perfectly competitive firm is producing an output level for which MR equals $5, MC equals $6, and ATC equals $4, the firm
a. is earning a profit but should reduce output. b. is earning a profit and should increase output. c. is suffering a loss and should reduce output. d. is suffering a loss but should increase output.
Suppose a new employee is promised a pension payment of $8000 in the twenty-fourth year after joining the firm. The current pension contribution is $2000 a year. Assuming a six percent rate of return, this pension plan is said to be
A) fully funded. B) partly funded. C) unfunded. D) fully vested.
The Tragedy of the Commons describes
a. government regulation that is necessary to combat externalities. b. overuse of a common resource relative to its economically efficient use. c. the nonrivalry feature of a common resource. d. an effective cost-benefit analysis.