Certain factors that are probably important in determining wages are nevertheless difficult to measure. Consequently, labor economists find those factors difficult to incorporate into their studies of labor markets and wages. Those factors include
a. effort and natural ability.
b. natural ability and years of experience.
c. years of experience and job characteristics.
d. race and job characteristics.
a
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A university cafeteria changes from offering all-you-can-eat meals for one low price to selling each food item separately. After this change, one would expect that the marginal utility of the last food item consumed in the cafeteria by the typical student would: a. decrease since less food is now likely to be consumed by students who eat a meal in the cafeteria. b. increase since less food is
now likely to be consumed by students who eat a meal in the cafeteria. c. not change since the same quantity of food is now likely to be consumed at each meal. d. decrease since more food is now likely to be consumed by students who eat a meal in the cafeteria.
A monopoly misallocates resources when it
A) restricts output so that the marginal benefit of the last unit sold exceeds the marginal social cost of producing the good. B) makes an above-normal profit. C) sells the same product to different groups of customers at different prices. D) exploits scale economies.
An industry in which the firm's cost structures do not vary with changes in production will have a long-run supply curve that
A. is perfectly elastic. B. slopes downward. C. is perfectly inelastic. D. slopes upward.
A structural budget deficit
A) appeared during the Vietnam War era from 1966-68. B) appeared after 1982 due to tax cuts and spending increases. C) peaked at 5 percent of GDP in mid-1986 and had become a structural surplus by 1997. D) all of the above.