Higher wages that compensate workers for unpleasant aspects of a job are called compensating differentials
Indicate whether the statement is true or false
TRUE
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With a given level of GDP, a decrease in the size of population would cause:
A) GDP per capita to decrease. B) life expectancy to decrease. C) GDP per capita to increase. D) life expectancy to increase.
The total willingness to pay for a given number of units of a good or service is determined by multiplying the equilibrium price of the good by the number of units purchased
Indicate whether the statement is true or false
Refer to the diagram below for the milk market. If the price were $2 per gallon, then there would be a:
A. Shortage of 20 million gallons
B. Shortage of 10 million gallons
C. Surplus of 10 million gallons
D. Surplus of 30 million gallons
The money supply curve is determined by all of the following except
A. The demand for money. B. The willingness of individuals to borrow money. C. The lending behavior of private banks. D. Federal Reserve policy.