Construction work is much riskier than working as a server at a restaurant. As a result, we'd expect a difference in wages between the two jobs. The difference is known as
a. an efficiency wage.
b. a compensating differential.
c. a wage adjustment.
d. a minimum wage.
b
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Refer to the above table. If the consumer's equilibrium consists of 4 movies and 4 apple pies, then we know that
A. the price of a movie download is 6 times more than the price of an apple pie. B. the price of a movie download is 5 times more than the price of an apple pie. C. the price of an apple pie is 5 times more than the price of a movie download. D. the price of an apple pie is 3 times more than the price of a movie download.
Suppose 100 citizens each derive marginal benefit from submarines according to the function MB = 10 - Q. If subs cost $100 each to produce, what is the efficient quantity of submarines?
What will be an ideal response?
According to the equation of exchange, if the money supply is $800 million, real GDP is $3,000 million, and nominal GDP is $4,000 million, then the velocity of money is equal to:
a. 3.5. b. 1.7. c. 10.3. d. 5. e. 2.
Tariffs tend to reduce the volume of imports by
A. Setting maximum allowable import limits. B. Making them more expensive to domestic consumers. C. Placing severe quality restrictions on imported goods. D. Reducing prices of domestically produced goods.