A worker's "real" wage is related to:
a. his productivity in the workplace.
b. the value of his production to his employer.
c. the nation's absolute advantage in production of that product.
d. his productivity in the workplace, the value of his production to his employer, and the nation's absolute advantage in production of that product.
Answer: d. his productivity in the workplace, the value of his production to his employer, and the nation's absolute advantage in production of that product.
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If the yield curve slope is flat for short maturities and then slopes steeply upward for longer maturities, the liquidity premium theory (assuming a mild preference for shorter-term bonds) indicates that the market is predicting
A) a rise in short-term interest rates in the near future and a decline further out in the future. B) constant short-term interest rates in the near future and further out in the future. C) a decline in short-term interest rates in the near future and a rise further out in the future. D) constant short-term interest rates in the near future and a decline further out in the future.
The theory of rational expectations, when applied to financial markets, is known as
A) monetarism. B) the efficient markets hypothesis. C) the theory of strict liability. D) the theory of impossibility.
One of the main tools used by economists to measure the actual distribution of income is the:
a. Lorenz curve. b. Golden Rule. c. MR = MC rule. d. MRP = MRC rule.
Complementary goods are goods that "go together", like peanut butter and jelly. If the price of peanut butter were to decrease, we would predict that
What will be an ideal response?