Over the last several years, the earnings gap between workers with college degrees and workers with high school degrees has
a. remained roughly constant for both men and women.
b. widened for both men and women.
c. widened for men and narrowed for women.
d. narrowed for men and widened for women.
b
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A key reason for the existence of firms is that, compared to markets, firms often achieve lower
A) explicit costs. B) transactions costs. C) accounting costs. D) scope of team production.
Andrew Carnegie dominated the steel industry on the basis of the Bessemer converter. This technology permitted unskilled men to produce large quantities of steel at relatively low costs. This technology was
(a) invented by Carnegie. (b) stolen from the British inventor Bessemer. (c) acquired legally from the British inventor Bessemer. (d) imported from Germany.
Explain the importance of the shape of supply curve for undertaking stabilization policies
Early settlers in the town of Dry Gulch drilled wells to pump as much water as they wanted from the single aquifer beneath the town. (An aquifer is an underground body of water.) As more people settled in Dry Gulch, the aquifer level fell and new wells had to be drilled deeper at higher cost. Compared to a town in which all residents collectively decide on how much water to use, water use will likely be ________ in Dry Gulch.
A. higher B. the same C. the same or lower D. lower