For those workers who receive fringe benefits, such as health insurance and pensions, the additional income this results in—over and above the average hourly wage—is as much as (for some workers)
A. 10–12 percent.
B. 30–40 percent.
C. 51–62 percent
D. 70 percent or more.
Answer: B
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In the table above, country B is producing 4 units of X and 6 units of Y. For country B, the opportunity cost of producing an additional unit of Y is
A) 1/2 unit of X per unit of Y. B) 2/3 unit of X per unit of Y. C) 2 units of X per unit of Y. D) 3 units of X per unit of Y.
The Austrian school of economists stressed on the efficiency of the markets on the pretext that:
a. resources could be efficiently allocated through price system and free markets. b. governmental intervention was necessary for the efficient allocation of resources. c. the price charged under the free market system was always lower than under central planning. d. the market had never failed earlier. e. the market did not suffer from imperfect information.
Which of the following is not a function of money?
a. Insurance against unexpected inflation. b. Legal tender. c. Insurance against expected inflation. d. Unvarying unit of value. e. None of the above is a function of money.
Capital goods
A. are consumed because they enhance the enjoyment consumers obtain from other goods and services. B. are a special type of consumption goods. C. are goods used to make consumer goods and services. D. refer to the expenses that a company incur for producing other types of goods.