Foreign competition will always put a domestic industry at a disadvantage. This leads to massive trade adjustment assistance on the part of each country

As a summer job, some teenagers choose to detassle corn, a job requiring long hours walking corn fields in the summer heat. Other teens take jobs working as lifeguards. Given that detassling corn is a more difficult job than working as a lifeguard, we would expect a difference in wages between the two jobs. This difference is known as

a. an efficiency wage. b. a compensating differential. c. a wage adjustment. d. a minimum wage.

Select the normative statement that completes the sentence: If wages rise more rapidly than productivity:

A. profits will fall. B. workers will earn 3/4 of GDP. C. the rate of inflation increases. D. policymakers should impose a wage ceiling.