Wage differentials may result from all the following except:
A. differences in the nonmonetary aspects of various occupations.
B. differences in the education and skills of workers.
C. geographic and sociological immobilities of workers.
D. the tendency of qualified workers to move from lower pay jobs to higher pay jobs.
Answer: D
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Refer to Table 2-1. Assume Tomaso's Trattoria only produces pizzas and calzones. A combination of 24 pizzas and 30 calzones would appear
A) along Tomaso's production possibilities frontier. B) inside Tomaso's production possibilities frontier. C) outside Tomaso's production possibilities frontier. D) at the horizontal intercept of Tomaso's production possibilities frontier.
The United States was taken off the gold standard by
A) President Lyndon Johnson. B) President Richard Nixon. C) the Federal Reserve Chairman. D) President Jimmy Carter.
In the short run, a negative supply shock
a. causes firms' unit costs to decrease b. shifts the AS curve to the right c. causes output to decrease and the price level to increase d. shifts the AD curve to the left e. causes both output and the price level to decrease
On the Micronesian island of Yap, the money that is primarily used as currency is
a. paper money. b. wheels made of stone. c. gold. d. shells and gems.