When labor is substitutable between two markets, we should expect:
A. those markets to produce substitutable outputs.
B. the workers in the two markets to commit to one at the start of their career and stick with it, despite the similarities.
C. the two markets to pay the same or similar equilibrium wage.
D. All of these statements are true.
Answer: C
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Interest-rate ceilings on deposits: a. meant banks were guaranteed "cheap money" from depositors
b. were imposed because without them, as was the case in the 1970s, banks couldn't be profitable. c. led to banks losing deposits whenever market rates went above the ceiling rates. d. are only effective when market rates are below the ceiling rates. e. were developed by money market mutual funds as a marketing device.
The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of about 600 households, called the Current Population Survey
a. True b. False Indicate whether the statement is true or false
For any given year, the CPI is the price of the basket of goods and services in the
a. given year divided by the price of the basket in the base year, then multiplied by 100. b. given year divided by the price of the basket in the previous year, then multiplied by 100. c. base year divided by the price of the basket in the given year, then multiplied by 100. d. previous year divided by the price of the basket in the given year, then multiplied by 100.
If the normalization of trade relations between the U.S. and Cuba legalizes the sale of Cuban cigars in our country, it would
A. increase equilibrium price and decrease equilibrium quantity for Cuban cigars. B. decrease equilibrium price and increase equilibrium quantity for Cuban cigars. C. increase both the equilibrium price and quantity for Cuban cigars. D. decrease both the equilibrium price and quantity for Cuban cigars.