What is the basic criticism that economic theory levels against the movement to base wages on the "comparable worth" of jobs?
A) Markets, not employers, set wage rates for different jobs.
B) There are no jobs that are inherently more suitable for women than for men.
C) There is no way to compare the satisfactions that different people derive from a job.
D) Wage rates determine the worth of workers to an employer by determining the number that will be hired.
E) Wage rates will be set by supply and demand and cannot be changed by anything government does.
D
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Assume the firms in a perfectly competitive industry are initially in long-run equilibrium and the cost of labor increases. How will the market adjust over time?
A) Firms will enter the market, causing price to rise until losses are eliminated. B) Firms will enter the market, causing price to fall until positive profits are eliminated. C) Firms will exit the market, causing price to rise until losses are eliminated. D) Firms will exit the market, causing price to fall until positive profits are eliminated.
When investors use borrowed funds to pay for investments, it's called:
A. leveraging. B. tulip mania. C. hedging. D. herding.
Double-entry bookkeeping for the balance of payments requires that:
a. the current account always equal the balance of payments. b. every transaction be recorded as a credit and a debit at the same time. c. total credits always exceed total debits. d. every transaction be recorded as either a credit or a debit. e. total debits always exceed total credits.
On a line graph depicting marginal revenue and marginal cost for a monopoly, the marginal revenue line will ___________ while the marginal cost line will ___________.
a. slope downward/slope upward b. remain flat/slope downward c. slope upward/remain flat d. slope upward/slope downward