Two workers are employed in the same job by the same firm; however, they are paid different wage rates. This could be explained by differences in
a. the price of the firm's output
b. their marginal products due to differences in ability
c. working conditions
d. the income effect
e. risk
b. their marginal products due to differences in ability
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Physical capital makes workers ________, so a declining capital stock ________
A) more productive; helps an economy grow B) less productive; helps an economy grow C) more productive; hinders economic growth D) less productive; hinders economic growth
If a pair-wise majority vote was held to determine which school project gets funded and the voters' preferences are in the given table, who will be happiest if the lab and library are voted on first?
A. Ernie
B. Fiona
C. David
D. All people would be equally happy.
The poverty line is higher than the welfare eligibility income in
A. no states. B. a few states. C. most states. D. all states.
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.