In a winner-take-all labor market,
a. anyone who is hired at any wage is a winner
b. any firm that can hire a worker is a winner
c. a few key people critical to the overall success of the enterprise are rewarded with substantial pay
d. the person most critical to the overall success of an enterprise is rewarded with substantial pay, and everyone else is paid the median wage
e. only one worker is paid
C
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In monopolistic competition, product differentiation gives the firms the power to set their prices
Indicate whether the statement is true or false
The velocity of money is the:
a. number of times per year each dollar is used to transact an exchange. b. rapidity of price increases during inflation. c. number of times the price level increases during a year. d. time it takes for checks to clear banks. e. number of times per year each product is purchased during the year.
In the U.S., the share of taxes ____ during the early years of George W. Bush's presidency and ____ since then
a. decreased; increased somewhat b. decreased; further decreased c. increased; further increased d. increased; decreased somewhat e. increased; remained constant
Stable property rights
A. are conducive to investment. B. are found in countries with dictatorships. C. are not necessary for rapid growth. D. exist in all economies.