Table 19-1 Source: US Census Bureau and Mankiw's Calculations
-Refer to Table

question 86

Essay

Table 19-1
$$\begin{array} { | l | l | l | } \hline& \mathbf { 1 9 7 5 } & \mathbf { 2 0 1 1 }\\ \hline \text { Men } & \\\hline \text { High school, no college } & \$ 48,720 &\$46,038 \\\hline \text { College graduates } & \$ 69,146 & \$ 80,508 \\\hline \text { Percent extra for college grads } & + 42 \% & + 75 \% \\\hline & & \\\hline \text { Women } & & \\\hline \text { High school, no college } & \$ 28,006 & \$ 32,249 \\\hline \text { College graduates } & \$ 37,804 & \$ 58,229 \\\hline \text { Percent extra for college grads } & + 35 \% & + 81 \% \\\hline\end{array}$$ Source: US Census Bureau and Mankiw's calculations
-Refer to Table 19-1. What are two possible hypotheses to explain the changes in relative demand for high-skilled workers and low-skilled workers in recent years?

Analyze changes in owner's capital.

Understand the basic concepts of owner's equity and its computation.

Grasp the fundamental steps in the accounting recording process, including journalization, ledger posting, and preparing trial balances.

Comprehend the purpose and structure of journals and ledgers in accounting.

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Definitions:

Multiple Forgeries

The act of committing forgery across numerous instances or on several objects, intensifying the severity of the fraud.

Uniform Commercial Code

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing commercial transactions in the United States, aiming to standardize laws across states.

Negligent

Failing to take proper care in doing something, resulting in damage or harm to another person.

Certified Check

A check verified by a bank, confirming that the signer has enough funds in their account to cover the check amount.