A difference in wages between a highly-educated worker and a less-educated worker
a. may be due to a difference in the amounts of human capital between the workers.
b. may be a signal that the market is indifferent to a worker's level of human capital.
c. is considered unfair by economists.
d. is considered unfair by everyone.
a
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The marginal revenue product
A) represents the incremental contribution to the firm's total revenues obtained from an increase in a variable input. B) always increases when there is an increase in a variable input. C) gives the increase in cost when there is an increase in a variable input. D) gives the change in total product when an additional unit of a good is hired.
The two most severe recessions of the post-World War II era occurred in 1981-1982 and 2008-2009 . The policy responses to the two recessions were
a. very similar; expansionary fiscal policy promoted a strong recovery in both cases b. very similar, but the recovery was nonetheless weak in both cases c. dramatically different; tax rates were cut and monetary policy was restrictive during the earlier recession, while government spending was increased sharply and monetary policy highly expansionary during the more recent recession d. dramatically different; tax rates were increased and monetary policy was highly expansionary during the earlier recession, while tax rates were cut and monetary policy was restrictive during the more recent recession
Which of the following describes the Volcker disinflation most accurately?
a. Almost all of the public believed that the Fed would keep money growth low, so unemployment rose less than it would have otherwise. b. Almost all of the public believed that the Fed would keep money growth low, so unemployment rose more than it would have otherwise. c. Much of the public did not believe that the Fed would keep money growth low, so unemployment rose less than it would have otherwise. d. Much of the public did not believe that the Fed would keep money growth low, so unemployment rose more than it would have otherwise.
___________ is the study of how people behave in strategic situations.
A. Game theory B. Administered prices C. Price leadership D. Kinked demanded