The difference in wages paid to major-league baseball players and minor-league baseball players is most likely due to
a. differences in chance.
b. differences in natural ability.
c. the fact that the players' union is strong.
d. a compensating differential.
b
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Refer to Figure 22.3 below. Suppose that the supply curve is constant at $10. Suppose further that the before-tax demand curve D B can be written as B = 20 - P/2, where B is the number of structures per year and P is the price.
Measured in terms of farm employment and the number of farms, agriculture has been:
A. a declining industry. B. an expanding industry. C. a stable industry. D. a volatile industry.
Can protection save jobs and the environment and prevent workers in developing countries from being exploited?
What will be an ideal response?
Brand names such as "Coca Cola" or "Nike"
a. raise the cost of goods because they require advertising to make consumers aware of the brand name and, therefore, generally increase the price of products to consumers without producing any benefit to them. b. generally convey little information about a product to consumers. c. benefit consumers by assuring them of a known quality level when they buy a product that they have little previous first-hand knowledge about. d. provide the most value to consumers for goods that are repeat-purchase items.