A compensating differential is
a. a difference in pay due to nonmonetary characteristics of different jobs.
b. a high wage paid by employers to entice workers to be more productive.
c. the difference between the quantity of labor supplied and the quantity of labor demanded at the minimum wage.
d. due only to difference in the productivity of workers with different skills.
a
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Menu costs ________
A) are the cost a firm bears when it changes its prices B) are one source of price stickiness because changing prices involves many hidden costs C) are one source of price stickiness because firms may not want to change their "menus" too often and risk alienating customers D) all of the above E) none of the above
The factor payments measure of GDP
a. can be expressed as GDP = C + I + G + NX b. is found by summing all expenditures on intermediate and final goods and services during the year c. calculates how much value was added at each stage of production d. is found by summing all interest, rent, profit, and wages and salaries generated during the year e. calculates how much workers paid for goods and services during the year
Suppose that an accounting firm with 10 employees hires another accountant. By doing so, it goes from serving 30 customers each week to serving 32 customers each week. What is the marginal product of labor for the new accountant?
A. 2 B. 10 C. 32 D. 62
Land, or natural resources, include(s) the fertility of the land, minerals below it, and________?
a. human resources. b. human capital resources. c. money. d. climate.