Technological change that affects the marginal products of high-skilled and low-skilled workers differently is called ________ technological change.
A. marginal-productivity
B. capital-labor
C. high-low
D. skill-biased
Answer: D
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If the price of insulin is currently above the market-clearing level, then
A) there is a shortage of insulin. B) the market for insulin is fully coordinated. C) there is a surplus of insulin. D) insulin is no longer a scarce good.
Compare and contrast the concepts of income and wealth. Are these measured as a stock or a flow? Explain
What will be an ideal response?
The concept of holding reserves, such as gold, that are less than the value of the total deposits
A) is known as fractional reserve banking.
B) has been illegal since the passage of the Financial Services Modernization Act of 1999.
C) is known as non-credit banking.
D) None of the above are correct.
Structural unemployment is increased when workers can afford to be unemployed for longer periods of time as a result of:
A. unemployment insurance. B. minimum wage laws. C. worker mobility. D. skill-biased technological change.