Which of the following people would be considered frictionally unemployed?
a. The President of the United States
b. An elementary school student
c. A lifeguard unemployed during the winter
d. A high school graduate entering the labor market for the first time
e. A person laid off from his job
D
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Your text refers to airlines as "The Kings of Price Discrimination." Why is price discrimination common in the airline industry?
What will be an ideal response?
The optimal hiring rule is to employ labor up to the point where:
a. wage = MFC. b. wage = MP. c. wage = MR d. wage = MRP e. wage = TWC.
Using a carefully-labeled diagram, explain an Engel curve for a good that is initially a normal good, but eventually becomes an inferior good.
What will be an ideal response?
According to age-earnings data,
A. lower-educated workers have similar earnings at age 65 as higher-educated workers. B. investments in education result in higher earnings. C. high earnings are due to motivation and innate ability, rather than education. D. there is no clear relationship between education and worker productivity.