The Table Shows the Average Earnings of Year-Round, Full-Time Workers

question 97

Multiple Choice

The table shows the average earnings of year-round, full-time workers by gender and educational attainment in a certain country. Let x represent earnings for males and y represent earnings for females, and find a linear model that expresses women's annual earnings as a function of men's. Interpret the slope of the linear model. Round your final values to three decimal places. ​

• A) slope: females earn $1,296 for each $1,000 males earn
• B) slope: the average difference in yearly male and female earnings is $1,296
• C) slope: females earn $652 for each $1,000 males earn
• D) slope: the average difference in yearly male and female earnings is $652
• E) slope: the average of male and female earnings increases by an average of $652 for each level of educational attainment

Evaluate the influence of demand shifts on the social and private costs associated with common property resources.

Explain the difference between marginal social cost and private cost in the context of common property resources.

Apply principles of economic theory to examine the effects of public goods on social welfare, including understanding free-rider problems.

Differentiate between rival and nonrival, as well as exclusive and nonexclusive goods, identifying examples of each.

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Definitions:

Direct Materials Quantity Variance

The difference between the expected and actual quantity of materials used in production, multiplied by the standard cost per unit of material.

Actual Costs

The real costs incurred in the production of goods or services, including all expenses such as materials, labor, and overhead.

Standard Costs

Predetermined costs for materials, labor, and overhead used to control actual operating costs and to measure cost variances.

Direct Labor Time Variance

The difference between the actual time spent on production and the standard time expected, multiplied by the direct labor rate.