Under normal circumstances, the equilibrium compensation wage differential is the wage differential that exactly attracts the
A. marginal worker into the labor market.
B. average high-skilled worker into a low-skill job.
C. average worker into a regular job.
D. marginal worker into a risky job.
E. average worker into a less risky job.
Answer: D
Economics
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In 1991, Congress levied a 10 percent luxury tax on yachts over $100,000 . The tax brought in far less than was anticipated, they must have passed the legislation thinking the demand for yachts was more ___ than it actually was
a. elastic b. inelastic c. unit elastic d. none of the above
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The new Keynesians emphasize the importance of
A) rational expectations. B) the monetary growth rule. C) real causes of the business cycle. D) sticky wages and prices.
Economics