In order to explain the changing gap in earnings between skilled and unskilled workers in recent years, economists have proposed two hypotheses. One hypothesis emphasizes
a. compensating differentials.
b. the increased recognition that a larger stock of human capital usually leads to higher earnings.
c. the decreasing importance of labor unions.
d. the increasing importance of international trade.
d
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Which of the following statements about markets and industries is TRUE?
A) A market includes buyers but not sellers. B) A market includes sellers but not buyers. C) An industry includes buyers but not sellers. D) An industry includes sellers but not buyers.
Jamaica has a comparative advantage in the production of aluminum, but currently allows no international trade in aluminum. We can conclude that a. the domestic price of aluminum in Jamaica is higher than the world price for aluminum. b. Jamaica has an absolute advantage in the production of aluminum
c. Jamaica should import aluminum. d. the domestic price of aluminum in Jamaica is lower than the world price for aluminum.
Because a monopolist must lower its price in order to sell another unit of output,
a. marginal revenue is less than price. b. long-term economic profits will be zero. c. total revenue increases as price increases. d. average revenue is less than price.
What is the amount of money a person has left of his or her income after taxes called?
(A) Disposable personal income (B) National income (C) Personal income (D) Aggregate income