In 2010 the U.S. economy's inflation rate was higher than its unemployment rate
a. True
b. False
Indicate whether the statement is true or false
False
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Explain the concepts of consumer surplus, producer surplus, and cooperative surplus
What will be an ideal response?
Monopolization of either the labor market or the output market results in
A) higher wages than when both are competitive. B) a higher output price than when both are competitive. C) a higher level of output than when both are competitive. D) All of the above.
What is the "medium of exchange" function of money?
a. A common measurement of the relative value of different goods and services. b. The ability of money to hold value over time c. The quality of money not to be hoarded because of its commodity value. d. The function of money to be widely accepted I exchange for goods and services.
Which of the following is not a reason for the wage differential between females and males?
a. The choice of major in college by females tends to be different than the choice by males. b. The existence of employer prejudice leads to wage differential between males and females. c. The number of males is usually greater than the number of females in the labor force. d. Females bear the primary responsibility of childbearing. e. Women accept lower wages for flexible and shorter working hours.