The following are all determinants of income differences examined in the text EXCEPT
A. age.
B. inheritance.
C. marginal productivity.
D. height.
Answer: D
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Refer to the table above. If exports increase by $4,000 in the next year, ________, all other variables remaining unchanged
A) trade surplus will increase by $2,000 B) trade deficit will increase by $2,000 C) gross domestic product will increase by $4,000 D) gross domestic product will decrease by $4,000
If Cliff Althoff attends an antique auction, spots a vase that he would be willing to buy at $400, and he is the winning bidder at a price of $400, then Cliff
a. receives $400 in value from this vase b. receives a consumer surplus of $400 c. should not have purchased the vase because consumer surplus is zero d. receives zero value from this vase because consumer surplus is zero e. ended up paying a consumer surplus of $400
Private markets usually fail to provide lighthouses because
a. lighthouses cost too much to build relative to their benefits. b. government intervention makes it hard for private lighthouse owners to compete in the market. c. ship captains have incentives to use lighthouses without paying. d. lighthouses are valued very little by ship captains these days.
Refer to Figure 31.2 for a monopsonist employer. From the monopsonist's standpoint, the optimal wage and employment level would be
A. $6 per hour and 40 employees. B. $9 per hour and 40 employees. C. $7 per hour and 50 employees. D. $11 per hour and 50 employees.