Which of the Following Factors Contributes to Wage Differentials in Our

question 5

Multiple Choice

Which of the following factors contributes to wage differentials in our economy?

• A)Workers exhibit different degrees of experience and skill
• B)Some workers are more productive than others
• C)The level of demand varies across markets for different products
• D)Prices of different products vary tremendously in a market economy
• E)All of the above

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Definitions:

Catalytic Converters

Devices used in vehicles that convert toxic gases and pollutants in exhaust gas into less toxic pollutants by catalyzing a redox reaction.

Externality

An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume.

SARS

Severe Acute Respiratory Syndrome, a contagious and sometimes fatal respiratory illness caused by a coronavirus, with a notable outbreak in 2002-2003.

Shipbreaking

The process of dismantling an obsolete vessel's structure for scrapping or disposal.