The Mincer earnings function is used to estimate
A. the age earnings profile.
B. ability bias.
C. the value of the marginal product of labor.
D. the social return to schooling.
E. the signaling effect.
Answer: A
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Which of the following is true of Carter administration?
a. Dramatic expansion of Social Security and Medicare programs b. Large income tax cuts, especially for the wealthy c. Deregulation of airlines, trucking, railroads and the financial services industry d. Government control of gasoline and food prices
The payroll tax and the income tax differ in that:
A. the employer pays the payroll tax, and the individual pays the income tax. B. the payroll tax is tied directly to specific programs while the personal income tax goes toward general government revenue. C. employers have to pay both payroll and corporate income taxes, and individuals only have to pay personal income tax. D. the employer pays the payroll tax, but the income tax burden is shared between employer and employee.
A lower domestic price level tends to:
a. reduce aggregate expenditures and lower the aggregate quantity of goods and services supplied. b. reduce aggregate expenditures and lower aggregate demand. c. reduce aggregate expenditures and raise aggregate demand. d. increase aggregate expenditures and raise the aggregate quantity of goods and services demanded. e. increase aggregate expenditure on foreign goods and lower net exports.
A rational decisionmaker takes an action if and only if
a. the marginal benefit of the action exceeds the marginal cost of the action. b. the marginal cost of the action exceeds the marginal benefit of the action. c. the marginal cost of the action is zero. d. the opportunity cost of the action is zero.