You have noticed that there is a persistent shortage of teachers in an inner-city school district in your state. Based on this observation, you suspect that:
A. the demand for teachers in the inner-city school district is too low.
B. the wage for teachers in that district is higher than the wage in other districts.
C. there is an excess supply of teachers in other districts.
D. the wage for teachers in that district is lower than the equilibrium wage.
Answer: D
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In economics, the factor of production "land" includes all of the following EXCEPT
A) animals, birds, and fish. B) energy. C) wild plants. D) oil. E) plastics.
In 2011, real GDP in the United States was $60 per hour worked. In major European economies, real GDP averaged on $48 per hour worked. This difference is explained by the points that ________ and ________
A) Americans work the same number of hours per week as Europeans on average; Americans are less productive due to technology differences B) Americans are equally as productive as Europeans; Americans work more hours on average C) Americans take more vacations than Europeans; Americans take more sick days than Europeans D) Americans work more hours than Europeans; Americans produce more per hour than Europeans E) Americans work less hours than Europeans; Americans take less sick days than Europeans