Professional football players earn much higher wages than do accountants. Why?
What will be an ideal response?
While being an accountant requires very specialized skills, the effective barriers to entry into the accounting market are lower than those necessary (that is, high athletic skill) to be a successful football player. Other factors, such as desirability of work conditions, may also factor in here.
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Which of the following statements is true?
A) When a nation has an absolute advantage over other nations in producing all the goods and services, it cannot gain from trade. B) Absolute advantage relates to production per units of inputs and comparative advantage involves the opportunity cost of producing different goods. C) When a nation has an absolute disadvantage over other nations in producing a good, it cannot gain from trade. D) Absolute advantage involves the opportunity cost of producing different goods and comparative advantage relates to production per units of inputs.
The neoclassical perspective places more emphasis on
a. supply. b. demand. c. aggregate supply. d. aggregate demand.