Other things the same, the wages in an occupation are likely to be higher the more
a. dangerous the job.
b. prestigious the work environment of the occupation.
c. desirable the location of the job.
d. pleasant the working conditions.
A
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Which of the following is not a reason why the U.S. economy has been more stable since 1950?
A) Unemployment insurance and other government programs curtail the decline in spending that occurs during a recession. B) Services have become a larger fraction of GDP and goods have become a smaller fraction of GDP. C) Goods have become a larger fraction of GDP and services have become a smaller fraction of GDP. D) The government has actively pursued policy to combat recessions and prolong expansions.
How do economists measure the consumption of a good?
(A) The amount of a good that is bought for a specific amount of money. (B) The amount of money spent to buy a good. (C) The amount of a good that is bought. (D) The amount of a good that is actually used rather than bought.
In Figure 5.2, the fact that real GDP is greater than nominal GDP during the 1960-1980 periods implies thatÂ
A. Per capita GDP must have increased. B. Production must have decreased during this period. C. Average price levels must have decreased during this period. D. Average price levels during this period must have been lower than during the base period.
Which of the following statements is TRUE about the economic profits earned by a monopolistic competitor firm in the long run?
A. Economic profits will be positive since the firm has a downward sloping demand curve. B. Economic profits can be negative since there is so much competition in the market. C. Economic profits can be positive since firms have some degree of monopoly power. D. Economic profits will tend towards zero since positive profits will attract new firms into the industry.