First grade teachers who work in Lynn, Massachusetts's (a large, low income city north of Boston) public schools earn more than first grade teachers who work in private schools in more affluent communities north of Boston. Lynn teachers belong to a teachers' union. Which statement best explains the scenario described above?
a. Lynn school teachers receive a compensating differential because they work in a more difficult environment, and they receive higher than market equilibrium wages because they are members of a teachers' union.
b. Lynn school teachers receive a compensating differential because they work in a more difficult environment, but they do not receive higher than market equilibrium wages because they are members of a teachers' union.
c. Lynn school teachers do not receive a compensating differential because they work in a more difficult environment, but they do receive higher than market equilibrium wages because they are members of a teachers' union.
d. Lynn school teachers do not receive a compensating differential because they work in a more difficult environment, and they do not receive higher than market equilibrium wages because they are members of a teachers' union.
a
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Using the above table, at a price of $5 there will be a
A) shortage of 20 units. B) shortage of 10 units. C) surplus of 20 units. D) surplus of 10 units.
Common ownership may fail to ensure that harvesting of renewable resources does not exceed the maximum sustainable yield
a. True b. False Indicate whether the statement is true or false
Adam Smith argued that greater specialization and division of labor are likely to:
A. reduce worker productivity. B. improve standards of living. C. reduce standards of living. D. replace workers with machines, resulting in massive unemployment.
Refer to Table 28-4. What is the adult unemployment rate in Meditor?
a. 10% b. 6.7% c. 6.25% d. 4.2%