The difference between the earnings of construction workers who work on bridges and skyscrapers and those who work on highways is probably due to
a. differences in education requirements.
b. ability (mental) differences.
c. a compensating differential.
d. luck.
c
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If the rate of job finding equals 7%, and the rate of job separation equals 1%, then the natural rate of unemployment is
A) 7%. B) 8.75%. C) 12.5%. D) 14.3%.
In the classical theory of aggregate demand, a decrease in the propensity to hold money will
a. shift the aggregate demand curve up. b. Shift the aggregate demand and supply curves up and to the right. c. have no effect on aggregate demand as the money supply changes. d. will increase the money supply
When a price floor is above the equilibrium price,
a. quantity demanded will exceed quantity supplied, so there will be a shortage. b. quantity supplied will exceed quantity demanded, so there will be a surplus. c. the market will be in equilibrium. d. This is a trick question because price floors are generally set below the equilibrium price.
Human capital refers to the
A. number of workers available in the economy. B. tools and equipment available to workers. C. education, training, and skills of workers. D. amount of financing available to start-up firms.