Information technologies ________ the demand for low-skilled labor, increase the ________ high-skilled labor, lower the wage rate of ________ labor, and raise the wage rate of ________ labor
A) decrease; demand for; low-skilled; high-skilled
B) decrease; supply of; low-skilled; high-skilled
C) do not change; supply of; high-skilled; low-skilled
D) do not change; demand for; high-skilled; low-skilled
A
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Physicians salaries increased substantially over the decade 1995-2005 from an average of $215,000 to $315,000 . What is the best explanation for this?
a. Physicians were smarter in 2005 than in 1995. b. The supply of physicians has increased. c. The supply of physicians has decreased. d. The demand for physicians has increased. e. The demand for physicians has decreased.
Forgetting about the money that's irretrievably gone and instead focusing on the marginal costs and benefits of future options, is the lesson of which of the following?
A. Marginal utility B. Sunk costs C. Marginal analysis D. Budget constraints
An increase in the price of labor used to produce good A will lead to
A. an increase in the demand for good A. B. an increase in the market clearing price of good A. C. an increase in the supply of good A. D. a decrease in the demand for good A.
In what year did the United States go off the gold standard?
A) 1933 B) 1945 C) 1981 D) 2001