Why Have the Earnings of Persons with Less Education (And

question 38

Multiple Choice

Why have the earnings of persons with less education (and skill) fallen relative to those with more education (and skill) ?

• A) more regulation of the transport industry
• B) more powerful unions
• C) international competition
• D) all of the above

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Definitions:

Aristotle

An ancient Greek philosopher and polymath who made significant contributions to numerous fields of study, including metaphysics, ethics, politics, and natural science.

Usury

Charging an excessively high or illegal rate of interest on borrowed money.

Joseph Schumpeter

An economist and political scientist known for his theories on economic innovation and the concept of "creative destruction" in capitalism.

Risk Bearing

The acceptance of the possibility of loss on an investment or business venture, along with the responsibility of managing and mitigating potential risks.