Which of the following arguments do the following graphs best support in the context of a skill-biased technical change?
a. The efficiency wage model is correct.
b. A minimum wage increases unemployment.
c. Greater productivity leads to higher wages.
d. Unemployment insurance increases unemployment.
c. Greater productivity leads to higher wages.
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Which of the following does not hinder successful price leadership?
a. all of the following are correct b. potentially large economic profits due to this activity c. cheating by offering secret discounts d. product differentiation e. illegality of coordinated pricing
The change in the quantity demanded of any good is always caused by:
a. a change in consumers' preferences for that good. b. a change in the general income levels of the consumers who buy that good. c. an increase or decrease in the population. d. a change in the price of that good. e. a change in the price of substitute goods.
Policy makers have adequate information to know what appropriate monetary policies to adopt
a. True b. False Indicate whether the statement is true or false
The unreported or illegal production of goods and services in the economy that is not counted in GDP is called
a. money laundering b. the underground economy c. net personal disposable income d. indirect national income e. unreported capital consumption