Women in the workplace seem to be narrowing the wage gap with males. What might be the cause of this shift during the past 25 years?
Skills and human capital: Women have been investing more in education and training than they did in the past. The number of women earning degrees in high-paying professions has greatly increased. They have also begun to gain greater experience and skills in the workplace.
Worker preferences: Women are, in many cases, working more hours per year than in the past, and may also be working more intensively while on the job.
Job Preferences: Women may be choosing riskier and less pleasant work than in the past. They may be engaged more in work that requires significant sacrifices, such as working at night or being on the road for extended periods of time.
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Suppose that the income elasticity of demand for peanut butter is 0.75. Which of the following is TRUE?
A) Peanut butter is a normal good, because income elasticity is positive. B) Peanut butter is an inferior good, because income elasticity is positive. C) Peanut butter is a normal good, because income elasticity is less than 1. D) Peanut butter is an inferior good, because income elasticity is less than 1.
Megan has opened a new startup company in web design. Within the first month of business, the startup agrees to maintain an accounting firm's website in exchange for someone doing their tax returns. Which of the following principles of economic interaction best describes this scenario?
a. All costs are opportunity cost. b. Trade can make everyone better off. c. When markets do not achieve efficiency, government intervention can improve overall welfare d. Market allocate goods effectivity
Refer to Figure 16-3. Which group of customers is likely to have a more elastic demand curve (more sensitive to price)?
A) the customers from "The Chateau"—market A B) There is no difference in the elasticity of demand between the two groups. C) There is insufficient information to answer this question. D) the other residents of the neighborhood—market B
When Americans build a factory in Costa Rica, the transactions associated with this factory are recorded in the ________ of the U.S. balance of payments
a. current account b. capital account c. balance of trade d. export of services e. none, because it does not involve U.S. dollars