Economists who study labor markets have discovered that
a. only about 5 percent of wage differences are related to chance.
b. ability is not difficult to measure but is largely insignificant in explaining wage differences.
c. work effort is difficult to measure but is not likely to contribute much to an explanation of wage differences.
d. ability, effort, and chance are likely to be significant contributors to wage differences.
d
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How does expected future income affect saving supply?
What will be an ideal response?
If trade opens up between the two formerly autarkic countries, Australia and Belgium, then
A) the real income of both countries may increase. B) the real income of Australia and of Belgium will increase. C) the real income of Australia but not of Belgium will increase. D) the real income of neither country will increase. E) the real income of both countries will increase.
In a sealed-bid first price auction, if you notice that your competition is weaker, you should
a. Shade your bid more b. Shade your bid less c. Bid more aggressively d. Both B&C
Human capital refers to the physical tools and equipment that workers use on their jobs to enhance their productivity
a. True b. False Indicate whether the statement is true or false