The tournament pay explanation is useful in an attempt to explain why
a. very few people actually earn the minimum wage.
b. political entrepreneurs can generate campaign contributions from businesses outside of their districts.
c. people with only a high school education earn less than those with college degrees.
d. some corporate executives earn amounts higher than their marginal revenue product.
d. some corporate executives earn amounts higher than their marginal revenue product.
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An appropriate fiscal policy response when aggregate demand is growing at a faster rate than aggregate supply is to decrease the money supply
Indicate whether the statement is true or false
Historically, the largest U.S. federal budget deficits as a percentage of GDP in the 20th century occurred during
A) the Great Depression. B) the Vietnam war. C) World War I and World War II. D) 1970-1997. E) 1998-1999.
Which of the following types of markets would be the most likely to maintain a successful collusive agreement?
a. a market with many sellers, many buyers, unstable market demand, and privately negotiated prices b. a market with few sellers, many buyers, stable market demand, and privately negotiated prices c. a market with few sellers, many buyers, stable market demand, and publicized prices d. a market with many sellers, few buyers, stable market demand, and privately negotiated prices e. a market with few sellers, few buyers, unstable market demand, and publicized prices
When the government decides to add a fighter aircraft to national security, it
a. builds it in its own defense factories b. commandeers the resources (labor, capital) and uses them to build the plane c. must go to the Fed for the money to buy the aircraft since the Fed is the agency that creates money d. taxes its people and pays an aircraft company to make a plane e. taxes Boeing to produce the Boeing aircraft