Explain how technological change can cause changes in wage inequality
What will be an ideal response?
If the technological progress favors skilled workers, the demand for skilled workers will rise and the demand for relatively unskilled workers will fall. This would cause the wage gap to increase.
Economics
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Given the equations for C, I, G, and NX below, what is the equilibrium level of GDP?
C = 1,000 + 0.8Y I = 1,500 G =1,250 NX = 100 A) $3,080 B) $3,850 C) $6,930 D) $19,250
Economics
In a perfectly competitive labor market, the industry demand curve is ________ and the industry supply curve is ________
A) perfectly elastic; upward sloping B) downward sloping; upward sloping C) upward sloping; downward sloping D) vertical; perfectly elastic
Economics