Which of the following comparisons best illustrates a compensating differential?
a. John's wage is higher than Jane's because the value of John's marginal product is higher than Jane's.
b. Karl's wage is higher than Kay's because Karl is very personable, and Kay is very gruff.
c. Beth's wage is higher than Bill's because Beth's job may cause long-term health problems, and Bill's job will not impair his health.
d. All of the above are good illustrations of compensating differentials.
c
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Are there many good substitutes for water?
A) No, because living creatures die without water. B) No, even though there are many substitute ways to obtain water. C) Yes, because water is recycled by nature. D) Yes, because water is used for so many different and trivial purposes. E) Yes, because water may be found in many forms other than its pure form.
If a monopolist is maximizing profits, then it is producing an amount of output so that
A) MR = ATC. B) MC = AVC. C) MR = TC. D) MR = MC.
If there is a surplus of loanable funds, then
a. the quantity of loanable funds demanded is greater than the quantity of loanable funds supplied and the interest rate is above equilibrium. b. the quantity of loanable funds demanded is greater than the quantity of loanable funds supplied and the interest rate is below equilibrium. c. the quantity of loanable funds supplied is greater than the quantity of loanable funds demanded and the interest rate is above equilibrium. d. the quantity of loanable funds supplied is greater than the quantity of loanable funds demanded and the interest rate is below equilibrium.
Plurality voting ________ the ideal voting-system criteria.
A. fails one of B. meets all C. fails all of D. fails two of