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.
Answer: C
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What would be the opportunity cost of a child using a coupon for a free ice cream cone?
A. The dollar cost of the cone he or she selected B. The other types of ice cream he or she could have selected C. Zero, because the good was not a durable good D. Zero, because the good was free
An increase in the equilibrium quantity of a product will result
A) when there is an decrease in demand and a decrease in the cost of inputs used to make the product. B) when there is an increase in supply and an increase in demand for the product. C) when the quantity of the product supplied exceeds the quantity demanded. D) when there is an increase in supply and a decrease in demand for the product.
The estimated demand for a good is
= 25 - 5P + 0.32M + 12PRwhere Q is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. If income decreases by $1,000, all else constant, quantity demanded will ________ by ________ units.
A. decrease; 500 units B. decrease; 1200 units C. increase; 500 units D. decrease; 320 units E. increase; 3.2 units
In general, pollution exists in situations in which
A) people are selfish. B) people refuse to take social responsibility seriously. C) there are poorly defined private property rights. D) there exists public property.