The wage premium in the United States has risen consistently starting in
a. 1973.
b. 1975.
c. 1978.
d. 1983.
c
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If three pizza delivery companies agree that one company will service only the rural areas of a state, one only suburban areas, and the one only the urban areas, this is an example of ________.
A) price fixing B) market division C) bid rigging D) monopolization
According to the concept of scarcity in economics,
(a) wants will be fully satisfied sometime in the future. (b) the wants of society cannot be satisfied by the goods and services that can be produced from given resources. (c) there are no free goods. (d) free goods and scarce goods are equally available. (e) All of the above.
Which of the following is most likely to result in a temporary spurt in the growth of real output that cannot be maintained in the long run?
a. an anticipated increase in aggregate demand b. an unanticipated increase in aggregate demand c. an increase in long-run aggregate supply (LRAS) d. an increase in resource prices relative to product prices
When the benefit of another hour of work is greater than the opportunity cost, we would expect the worker to work:
A. another hour. B. exactly that amount. C. an hour less. D. Cannot be determined without more information.