Studies show that doctors earn a compensation that is almost 20% higher than lifeguards, although both these professionals are considered to be life savers. Which of the following accounts for this difference in earnings?
a. Differences in human capital
b. Differences in ability
c. Differences in on-the-job experience
d. Differences in the magnitude of risk associated with the job
a
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Refer to Figure 9.9. At free trade, domestic producer surplus would be
A) $2,500. B) $50,000. C) $1,250,000. D) $2,500,000. E) $20,000,000.
For a perfectly competitive firm facing the short-run break-even price
A) it has a negative accounting profit. B) it has an economic profit of zero. C) it should shut down. D) it should expand production.
A quota is
a. a tax placed on imports. b. a limit on the quantity of imports. c. a tax on exports to other countries. d. an excess of exports over imports.
If aggregate supply increases and aggregate demand remains unchanged
A. there will be a positive relationship between the price level and the level of aggregate output. B. the price level will remain unchanged, but aggregate output will decrease. C. there will be no systematic relationship between the price level and the level of aggregate output. D. there will be a negative relationship between the price level and the level of aggregate output.