Which term do economists use to refer to a difference in wages that arises from nonmonetary characteristics of different jobs?
a. non-pecuniary differentials
b. compensating differentials
c. fundamental differences
d. idiosyncratic differences
b
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Producer surplus is the ________ summed over the quantity sold
A) value of a good minus the price received for it B) price received for a good minus the value of the good C) price received for a good minus its marginal cost D) marginal cost of making a good minus the price received for it
If farmers decide individually whether or not to vaccinate their cattle against mad cow disease, which of the following is true?
a. The equilibrium quantity is too low for efficiency. b. The equilibrium price and quantity are too high for efficiency. c. The equilibrium price is efficient. d. The equilibrium quantity is too high for efficiency. e. The equilibrium price and quantity are efficient.
The act of selling an item in slightly altered forms at different prices and to different groups of consumers is known as
A) bundling. B) versioning. C) tie-in sales. D) lemons marketing.
Refer to the information provided in Table 22.5 below to answer the question(s) that follow.
Table 22.5
Refer to Table 22.5. If 2014 is the base year, the price index in 2015 is
A. 93.9. B. 94.2. C. 105.8. D. 106.1.