Which of the following involves signaling?
a. high wage rates attracting a larger pool of applicants for a job
b. firms taking advantage of outsourcing when transactions costs are low
c. reporting one's college GPA on a resume
d. paying higher wages to workers who produce more
e. requiring the sales staff to work strictly on commission
C
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Explain the structure of the Federal Reserve System
What will be an ideal response?
Marginal utility is the change in:
A. total utility when an extra unit of output is produced. B. marginal utility when an extra unit of output is consumed. C. total utility when an extra unit of output is consumed. D. average utility when an extra unit of output is consumed.
Which of the following is NOT a true statement about IMF lending?
A) The IMF can usually determine the difference between national crises and those likely to cause system-wide problems. B) Limits on borrowing have not kept up with the growth of national economies. C) The IMF does not have the funds to provide the support that a large economy might need. D) Proposals for lending expansion suggest greater IMF intervention if it can stop crises faster.
If the United States were to impose 100 percent tariffs on imports of Chinese shrimp, what would most economists conclude?
A. This decision can be justified by using the national defense argument. B. This decision can be justified by using the infant-industry argument. C. This decision is not justified in terms of economic well-being but may make sense for political reasons. D. This policy is a way to keep foreign producers from being exploited by Americans.