Low-skill workers earn a lower wage than more experienced, higher skilled workers because the
a. low-skill workers were never given the opportunity to invest in human capital.
b. low-skill workers lack the intelligence necessary to do any other form of work.
c. low-skill workers are too lazy to search for other employment opportunities.
d. supply of low-skill workers is large relative to the demand for workers in this skill category.
d. supply of low-skill workers is large relative to the demand for workers in this skill category.
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Jake just quit his job as a shoe salesman and is looking for work as an accountant, which is what his college degree is in. Jake would be considered:
A. frictionally unemployed. B. structurally unemployed C. cyclically unemployed. D. Jake is not in the labor force.
Comparing checks and currency, we can say:
A. only checks are both money and legal tender. B. both are money and legal tender. C. a check isn't money but currency is. D. both are money but only currency is legal tender.
As society is near total pollution abatement
A) the marginal cost to society falls. B) the marginal cost to society rises. C) the marginal cost to society equals the marginal benefit to society. D) the marginal cost to society falls but then rises.
The reason that opportunity costs arise is that
A. there are no alternative decisions that could be made. B. an economy relies on money to facilitate exchange of goods and services. C. people have limited wants. D. resources are scarce.