Sometimes wages are set above the equilibrium level when
a. garbage collectors earn higher wages than secretaries due to compensating differentials.
b. accountants earn more than dental technicians due to higher educational requirements.
c. movie superstars earn more than talented plumbers.
d. unions negotiate higher wages by threatening to strike.
d
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Scott used $4,000,000 from his savings account that paid an annual interest of 5% to purchase a hardware store. After one year, Scott sold the business for $4,100,000 . His accounting profits is:
a. $300,000 b. $100,000 c. $80,000 d. $20,000
Which of the following is true of households?
a. It consists of the employed members of the family. b. It can comprise of either related members or unrelated individuals. c. It refers to only the owners of rented apartments. d. It comprises of a family of at least four members. e. It generally describes a family that has two earning members.
Why do markets exist?
a) Markets ensure that government does not intervene in the production of goods and services b) Markets provide self-sufficent people with public places for the exchange of ideas c) Markets ensure economic equity for all people d) Markets allow people to buy what they need to consume and sell the specialized goods and services they produce
If a developing country has sufficient reserves, the buying and selling of foreign currency by the central bank is:
A. likely to have a much smaller impact on the exchange rate than in developed countries. B. completely ineffective on the exchange rate. C. likely to have a much greater impact on the exchange rate than in developed countries. D. likely to have roughly the same impact on the exchange rate as in developed countries.