Why have the earnings of persons with less education (and skill) fallen relative to those with more education (and skill)?
a. more regulation of the transport industry
b. more powerful unions
c. international competition
d. all of the above
C
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In the figure above, if the minimum wage is $4 per hour, then
A) the quantity of labor supplied is less than the quantity of labor demanded. B) the quantity of labor supplied is 4 million hours and the quantity of labor demanded is 2 million hours. C) unemployment is 1 million hours. D) the quantity of labor supplied is 3 million hours and the quantity of labor demanded is 3 million hours.
The value of the four-firm concentration ratio that many economists consider indicative of the existence of an oligopoly in a particular industry is
A) anything greater than 10 percent. B) anything greater than 40 percent. C) anything greater than 30 percent. D) anything greater than 20 percent.
Autonomous consumption is 700 and the marginal propensity to consume is 0.6. Calculate the average propensity to save when disposable income is (a) 10,000, (b) 12,000, and (c) 15,000
What will be an ideal response?
The number of the countries of the world classified as a less developed country (LDC) is about:
a. 50. b. 75. c. 100. d. 150. e. 300.