In comparing a job that requires a high level of skill to one for a job that requires a low skill level, the high-skill job
a. will always command a higher wage than the low-skill job
b. can command a higher wage only if there is sufficient demand for the output produced by the job
c. will command a higher wage whenever the nonmonetary characteristics of the two jobs are equivalent
d. will command a higher wage whenever there is a relatively low supply of labor with the required skill level
e. will command a higher wage whenever the two labor markets are perfectly competitive
B
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The basic economic differences among nations throughout history concerning institutions, philosophy, and ideology mainly focus on:
A) unemployment and inflation. B) the ownership of factors of production and how they are coordinated in economic activity. C) the relative shares of agriculture, industry, and service sectors. D) the opportunity for social mobility.
The Social Security Trust Fund
a. will provide a stream of future revenue for the federal government. b. is a "pot" of money set aside for the payment of future benefits. c. is a net asset of the U.S. Treasury worth approximately $2 trillion. d. is of zero asset value to the federal government.