List three reasons why one type of labor may be paid more than another
What will be an ideal response?
(1.) Some people are born with attributes that translate into valuable
skills.
(2.) Some people have invested in human capital to improve their skills.
(3.) Some jobs are more desirable than others.
You might also like to view...
To maintain their economic profits, firms in monopolistic competition must continually engage in
A) product innovation and development. B) lowering their product's price. C) raising their product's price. D) realizing short-run losses. E) making the demand for their product more elastic.
Refer to Figure 4.1. All else equal, a decrease in the government's budget deficit will cause
A) a shift from S1 to S2. B) a shift from S2 to S1. C) a change in the interest rate from r2 to r1. D) a change in loanable funds from L2 to L1.
Suppose that the exchange rate between the U.S. dollar and the Mexican peso starts out at $0.11 per peso. If the exchange rate then changes to $0.13 per peso, there will be a(n) __________ in the quantity demanded of dollars by Mexicans, and therefore there will be a(n) __________ in the quantity supplied of pesos to the foreign exchange market
A) decrease; decrease B) decrease; increase C) increase; decrease D) increase; increase
The graph above shows the production possibilities curve for an economy producing two goods, X and Y. Which of the points on the graph indicate unemployed resources?
A. D only B. E and A only C. B and C only D. A, D, and E only