Compensating differentials for employees can be seen as one measure of adjusting for:
A. corporate tax evasion.
B. surplus labor in the unorganized sector.
C. high rates of inflation.
D. problems of ethical conflict.
Answer: D
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Suppose you borrow $1,000 at an interest rate of 12 percent. If the expected real interest rate is 5 percent, then the rate of inflation over the upcoming year that would be most beneficial to you would be a rate of inflation
A) greater than 7 percent. B) equal to 7 percent. C) less than 7 percent. D) equal to 0 percent.
Refer to the above figure. Excess quantity demanded will exist when
A) the price is between $0 and $6. B) the price equals $6. C) the price equals $10. D) quantity demanded equals 3.
If the price elasticity of demand for a good is 0.3, then a 20 percent decrease in price results in a
a. 0.015 percent increase in the quantity demanded. b. 0.6 percent increase in the quantity demanded. c. 6 percent increase in the quantity demanded. d. 66 percent increase in the quantity demanded.
If you know that with 8 units of output, average fixed cost is $12.50 and average variable cost is $81.25, then total cost at this output level is:
A. $93.75 B. $97.78 C. $750 D. $880