A relatively high wage is predicted to be enjoyed by workers where the
A. population is large relative to industrial activity.
B. jobs are disagreeable or dangerous.
C. jobs are pleasant and satisfying.
D. demand is weak and supply is high.
Answer: B
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The existence of a union
A) has no effect on labor supply and demand. B) affects labor supply only. C) affects labor demand only. D) can affect both labor supply and labor demand.
The efficient markets hypothesis suggests that investors
A) should purchase no-load mutual funds which have low management fees. B) can use the advice of technical analysts to outperform the market. C) let too many unexploited profit opportunities go by if they adopt a "buy and hold" strategy. D) act on all "hot tips" they hear.
A contractionary monetary policy is most likely to reduce output with little impact on inflation when the economy
a. is near full employment and the aggregate supply curve is horizontal. b. is near full employment and the aggregate supply curve is vertical. c. has substantial unemployment and the aggregate supply curve is vertical. d. has substantial unemployment and the aggregate supply curve is horizontal.
Repeated play can change the outcome in sequential games by:
A. reducing the first-mover advantage. B. making collusion more probable. C. removing the incentive to cooperate. D. increasing the incentive to defect.