In 1972, a very controversial study asserted that income differences among individuals did not depend on genetic differences in reasoning ability, or differences between schools, or family background. Moreover, the effects of level of schooling are much less than previously understood. After controlling for all of these background variables, much of the variation in earnings appeared to be
random. From this analysis, one might reach the very controversial conclusion that earnings depended to a very great extent on
a. human capital.
b. ability.
c. schooling.
d. luck.
d
Economics
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In the figure above, if the minimum wage rate is $8 per hour, then after taking account of resources lost in job search, the workers' surplus is the area ________ and the firms' surplus is the area ________
A) e; c B) d; b C) a; f D) f; a E) a + b + c + d + e; f
Economics
Refer to Table 7-6. All of the following are terms of trade that could possibly benefit both countries except
A) 1/4 of a belt : 1 sword. B) 7/10 of a belt : 1 sword. C) 4/5 of a belt : 1 sword. D) 2/3 of a belt : 1 sword.
Economics