Over the past several years, the earnings gap between high-skilled and low-skilled workers has widened because (i) international trade has altered the relative demand for skilled and unskilled labor. (ii) changes in technology have altered the relative demand for skilled and unskilled labor. (iii) the return to education for men has decreased, whereas the return to education for women has
increased.
a. (i) only
b. (iii) only
c. (i) and (ii) only
d. (i), (ii), and (iii)
c
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A tax collected at each stage of the production process is called a(n) ________ tax
A) payroll B) excise C) value-added D) wealth
Which of the following firms has unlimited liability?
A) only proprietorships B) only partnerships C) only corporations D) both proprietorships and partnerships
According to the contract theory of wages, firms and workers agree on a contract that fixes
a. money wages. b. real wages. c. money wages and employment. d. real wages and employment.
Which of the following is true?
a. Managed equity funds that have yielded attractive returns during the last 5 or 10 years can generally be counted on to yield similar returns in the future. b. Managed funds generally outperform indexed equity mutual funds. c. An investment strategy that yielded a high rate of return in the past will often be disastrous in the future. d. Indexed equity mutual funds are usually tied directly to either the Consumer Price Index or the GDP deflator.