Skill-biased technical change is:
A. economic growth that derives from, and therefore benefits disproportionally, the highly-skilled, highly educated workers in a society.
B. the change in technology that has caused many jobs to shift away from the service sector to the technology sector.
C. the changing makeup of workforces in countries with large amounts of technology.
D. None of these is true.
A. economic growth that derives from, and therefore benefits disproportionally, the highly-skilled, highly educated workers in a society.
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A group price discriminator sells its product in Florida for three times the price it sets in New York. Assuming the firm faces the same constant marginal cost in each market and the price elasticity of demand in New York is -2
0, the demand in Florida A) has an elasticity of -6.0. B) is more price elastic than the demand in New York. C) has an elasticity of -1.2. D) has an elasticity of -0.67.
A short-run total cost function, TC = 100 + 32Q - 4Q2 + 0.4Q3, indicates the existence of
A) a linear total cost curve. B) a constant average variable cost curve. C) a U-shaped average variable cost curve. D) a constant marginal cost curve.
Which of the following can be the best measure of the standard of living in a country?
a. Nominal GDP plus information about non-market indicators such as health and education b. Real GDP plus information about non-market indicators such as health and education c. GDP deflator plus information about base year pricing d. Per capita GDP plus information about non-market indicators such as health and education
Consider Paul's decision to go to college. If he goes to college, he will spend $90,000 on tuition, $15,000 on room and board, and $7,000 on books. If he does not go to college, he will earn $22,000 working at a construction job and he will spend $11,000 on room and board. Paul's cost of going to college is
a. $96,000. b. $110,000. c. $114,000. d. $123,000.