In the figure above, the difference in wage rate between low-skilled and high-skilled labor is
A) $16.
B) $8.
C) $20.
D) $28.
C
You might also like to view...
When Japan's MITI (Ministry of International Trade and Industry) focused resources on the semiconductor industry, and in particular on Random Access Memory (RAM), it was viewed as a typically successful Japanese foray into a new dynamic strategic
sector. The results, as viewed by the late 1990s A) justified this view. B) led to similar structuring of industrial policy in the U.S. C) lent support to the Brander-Spencer model. D) helped shift the focus of economists away from Japanese-style industrial policy. E) propelled Japan into the leading country in high-tech manufacturing.
"If an individual is to maximize the utility received from consumption, he or she should spend all available income. . . ." This statement assumes:
a. that saving is impossible. b. that the individual is not satiated in any one good. c. that no goods are "inferior." d. that every good has a positive marginal utility.
Suppose that you are short in the cash market. Which of the following strategies creates a price ceiling for your purchased corn?
A. Take a long position in the futures market. B. Take a short position in the futures market. C. Buy a put option. D. Buy a call option.
Market failure happens when a market does not generate the most efficient outcome.
Answer the following statement true (T) or false (F)