The difference in wage rates needed to make two jobs equally attractive to workers is known as a(n)
a. equilibrium wage rate
b. competitive wage
c. equalizing wage
d. compensating wage differential
e. efficient wage
D
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The opportunity cost of economic growth is
A) future consumption that a nation gets if it gives up some present consumption. B) future consumption that a nation gives up to consume more today. C) present consumption that a nation gives up to accumulate capital. D) present investment that a nation gives up to increase its economic growth.
The creation of markets that were previously "missing":
A. can create winners and losers. B. increases total surplus. C. benefits those who interact in the new markets. D. All of these are true.
A constant-cost industry is an industry in which
A) average costs fall as the industry expands output. B) average costs rise as the industry expands output. C) average costs remain constant as the industry expands output. D) input prices rise at a constant rate as firms in the industry use more inputs.
The estimated value of all financial assets held by U.S. households and nonprofit organizations in 2012 was about:
A. $5.3 trillion. B. $15.7 trillion. C. $45 trillion. D. $54 trillion.