The wage premium in the United States represents a
A. cost of higher education.
B. decreasing return to higher education.
C. higher return to college education.
D. result of declining college attendance since 1973.
Answer: C
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Involuntary part-time workers are workers who
A) work less than 35 hours but would like to work full time. B) work more than 35 hours but would like to work less than 35 hours. C) work have lost their jobs within the last four weeks and are seeking another job. D) work less than 35 hours by choice. E) have withdrawn from the labor market.
In an indifference curve/budget line diagram, a consumer's equilibrium consumption combination will occur
A) inside the budget line. B) outside the budget line. C) on the budget line. D) at the origin.
When mismatch unemployment characterizes an economy
A) monetary and fiscal policies to raise AD are the appropriate government action. B) only monetary policy will be effective. C) monetary and fiscal policies to raise AD are not the appropriate government action. D) only general (not specific) fiscal policy will be effective.
The difference between the amount consumers would be willing to pay and the amount they actually pay for a good is called
a. price elasticity of demand. b. consumer surplus. c. the substitution effect. d. income elasticity of demand.