An example of a compensating differential is
A. a police department hires both men and women who have just graduated from college. The men are assigned patrol duty, and the women are assigned desk jobs.
B. a cardiologist must train for two more years than a family practitioner and on average cardiologists earn 65% more per year than family practitioners.
C. Paulie was injured on the job at a tanning salon and as a result of his injuries he can no longer work. He now qualifies for $1,600 a month in disability payments.
D. it takes the same amount and type of training to be either a paramedic or an emergency room nurse. Paramedics earn about 25% more than emergency room nurses with the same amount of experience. About 12% of paramedics, but only 3% of emergency room nurses, are injured on the job each year.
Answer: D
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A. rise; fall B. rise; rise C. fall; rise D. fall; fall
Most total product curves have
A) first increasing and then decreasing marginal returns to labor. B) output first increasing and then decreasing as labor is added. C) first decreasing and then increasing marginal returns to labor. D) output increasing at an increasing rate as labor is added.
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for coffee. What happens in this market if buyers expect the price of coffee to rise?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
If banks are fully loaned up, have no excess reserves, and the required reserve ratio is raised, the amount that banks can lend is:
a. reduced and the money supply contracts. b. reduced and the money supply expands. c. reduced and there is no change in the money supply. d. increased and the money supply expands. e. increased and the money supply contracts.