Slower real wage growth in the U.S. since the 1970s accompanied by rapid job growth, can be explained by:
A. skill-biased technological change.
B. a productivity slowdown accompanied by a decrease in the labor supply.
C. globalization.
D. a productivity slowdown accompanied by an increase in the labor supply.
Answer: D
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Suppose supply decreases, but there is no change in demand. As the market reaches its new equilibrium:
A. excess demand will lead the price to fall. B. excess supply will lead the price to rise. C. excess supply will lead the price to fall. D. excess demand will lead the price to rise.
The best measure of a country's living standard is______
a. real gdp per capita b. average annual investments c. CPI-based inflation rates d. the minimum wage
The Hazards, a professional baseball team, want to sign pitcher Alex McScoob to a two-year contract but, because of salary cap limitations, can only pay $8 million for the first year (Alex's market value is $10 million per year). The Hazards offer to pay
$8 million in year 1 and $13million in year 2. Should Alex sign the contract? A. Yes, Alex is better off financially regardless of the interest rate. B. Yes, if the interest rate is less than 50 percent. C. Yes, but only if the team expects to be successful. D. Yes, but only if the interest rate is less than 10 percent.
Social insurance is distinguished from public assistance, or welfare, by the fact that:
A. All social insurance benefits are paid in cash while all public assistance benefits are paid in kind (food, housing, medical care) B. An individual acquires a right to social insurance benefits by meeting objective eligibility criteria while public assistance benefits are determined according to individual need C. The total amount paid in benefits is much larger in the public assistance programs than in the social insurance programs D. Payroll taxes are used to finance public assistance programs while general revenues are used to finance social insurance programs