Which statement best describes the two issues economists face when comparing the GDP of different nations?
a. The two issues economists face when comparing the GDP of different nations are natural resources and population.
b. The two issues economists face when comparing the GDP of different nations are natural resources and tax codes.
c. The two issues economists face when comparing the GDP of different nations are currency and natural resources.
d. The two issues economists face when comparing the GDP of different nations are currency and population.
d. The two issues economists face when comparing the GDP of different nations are currency and population.
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The wage rate for high-skilled labor is higher than that for low-skilled labor because
A) both the demand for and the supply of high-skilled labor is greater than that for low-skilled labor. B) the demand for high-skilled labor is greater than the demand for low-skilled labor and the supply of high-skilled labor is less than the supply of low-skilled labor. C) the demand for high-skilled labor is less than the demand for low-skilled labor and the supply of high-skilled labor is greater than the supply of low-skilled labor. D) both the demand for and the supply of high-skilled labor is less than that for low-skilled labor.
According to marginal analysis, you should spend more time studying economics if the extra benefit from an additional hour of study
a. is positive. b. outweighs the extra cost. c. exceeds the benefits of the previous hour of study. d. will raise your exam score.