Based on general trends, which employee will earn the most?
a. Raul, who has a doctorate
b. Lindsey, who dropped out of high school
c. Carmi, who took some online classes after high school
d. Benji, who earned an associate’s degree
a. Raul, who has a doctorate
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Higher consumer prices caused by external forces would boost the wage costs of firms without any commensurate increase in the nominal demand for their products if
A) long-term contracts were in force. B) all labor contracts were one year in duration. C) there were no COLAs. D) there were full COLA protection.
If the demand in a perfectly competitive market decreases, the price will:
A. temporarily increase. B. temporarily decrease. C. increase permanently. D. decrease permanently.
A society can consume a combination of goods outside its production possibilities if there is:
A. Lower unemployment B. International specialization and trade C. A change in consumers' tastes D. A change in prices
A mathematical expression relating the amount of output produced to quantities of capital and labor utilized is the
A. real interest rate. B. marginal product. C. productivity relation. D. production function.