Economic theory suggests that college graduates receive higher wages than those with only a high school education because
a. college graduates are more productive.
b. college graduates must be paid higher wages because their educational costs were higher.
c. college graduates have formed stronger unions.
d. the supply of high school graduates is small relative to the demand for their labor.
A
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In both monopolistic competition and perfect competition,
A) firms sell identical products. B) there is easy entry and exit. C) firms are price takers. D) firms face horizontal demand curves. E) the marginal revenue curve and the demand curve are the same.
The steady state level of income per person in a country is a function of all the following EXCEPT:
a. the population growth rate. b. the rate of saving. c. the efficiency with which the economy employs the factors of production. d. the current level of income in the country.