Which of the following can be used to help explain wage differences among different groups of workers?
a. human capital acquired through education
b. human capital acquired through job experience
c. compensating differentials
d. All of the above can explain wage differences.
d
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Using the CPI to compensate workers for inflation is appropriate because, in the face of a change in relative prices, people should be allowed to purchase the same bundle as they did before the price changes
Indicate whether the statement is true or false
A manager in charge of new product development can hire engineers and market researchers. The annual salary of an engineer is $30,000 and that of a market researcher is $20,000. The marginal contribution of engineers and market researchers are
Given the above information, if the manager currently has two engineers and one market researcher, what must be true?
A. Fewer new products will be developed if he hires fewer engineers and more market researchers. B. He is not making the correct decision because MPE / PE > MPR/ PR. C. More new products will be developed if he hires fewer engineers and more market researchers. D. He is making the correct decision because MPE = MPR.
The nation closest to a centrally planned, socialist economy is
A. China. B. Japan. C. the United States. D. Norway.
Which of the following is true according to the IO perspective?
a. Industry structure determines firm conduct which in turn determines firms' performance b. Industry structure determines firm performance which in turn determines firms' conduct c. Industry conduct determines firm structure which in turn determines firms' performance d. Industry performance determines firm conduct which in turn determines firms' structure