It is estimated that, on the average and ________, union wages are ________ because ________
A) taking account of skill differentials; 30 percent higher than nonunion wages; union workers are better qualified than nonunion workers
B) without taking account of skill differentials; equal to nonunion wages; differentiating based on union membership is discrimination and illegal
C) without taking account of skill differentials; 15-20 percent higher than nonunion wages; employers are biased against nonunion workers
D) taking account of skill differentials; 30 percent higher than nonunion wages; in some industries union workers perform jobs that require greater skill than nonunion workers and employers show bias against nonunion workers
E) without taking account of skill differentials; 30 percent higher than nonunion wages; in some industries union workers perform jobs that require greater skill than nonunion workers
E
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The marginal principle states that one should
A) increase the level of an activity if the marginal benefit exceeds its marginal cost. B) if possible, pick the level at which the marginal benefit equals the marginal cost. C) decrease the level of an activity if the marginal cost exceeds the marginal benefit. D) all of the above
In which of the following ways, banks began in Italy and England?
a. Monarchs were the first bankers, lending out cash at zero interest to help the poor learn a craft and develop themselves intellectually. b. Churches were the first bankers, lending out cash to help the poor learn a craft and develop independence. c. Goldsmiths were the first bankers, and the paper receipts they issued for gold held on deposit became valued as money. d. Fishermen were the first bankers, and the paper receipts they issued for the fish they stored in the holds of their ships became valued as money.