The number of highly skilled and knowledge workers entering the workforce increases when
(a) firms substitute capital for high priced labor.
(b) the market demands labor with advanced degrees.
(c) the government cuts educational funding.
(d) All of the above
(b)
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The Keynesian short-run aggregate supply curve in the simplified Keynesian model is unrealistic because
A) a vertical curve does not make economic sense. B) prices and wages will never decrease. C) the classical model is better in explaining how the economy operates. D) some price adjustments do take place in the short run.
An advantage of settling disputes via arbitration rather than court cases is that:
a. the risk of an incorrect decision in the former case is negligible. b. the former is inexpensive and binding. c. the former is more likely to grant a lenient decision. d. the former may be more knowledgeable than an uninformed jury.