The demand curve for low-skilled labor lies to the left of the demand curve for high-skilled labor because
A) there are more high-skilled workers than low-skilled workers.
B) high-skilled workers require more compensation than low-skilled workers.
C) high-skilled workers are more productive than low-skilled labor.
D) firms do not see any difference between high-skilled labor and low-skilled labor.
C
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The Aluminum Company of America (Alcoa) had a monopoly until the 1940s because
A) it had control of almost all the available supply of bauxite. B) it had a patent on the manufacture of aluminum. C) it was a public enterprise. D) the company had a secret technique for making aluminum from bauxite.
Which of the following countries is not a member of the European Union?
a. Switzerland b. Portugal c. Sweden d. Ireland
Individuals who are not working and are not actively looking for work are counted as unemployed if they have looked for work in the past.
Answer the following statement true (T) or false (F)
Cyclical unemployment is
A. a result of a poor match of worker's abilities and skills with current requirements of employers. B. a result of the seasonal pattern of work in specific industries. C. related to job search difficulties for potential workers. D. a result of business recessions that occur when aggregate demand is insufficient to create full employment.