One feature of the gold standard was that
a. countries had almost complete control over their own monetary policies
b. surplus could cause the money supply to decrease
c. slow gold production could lead to deflation
d. exchange rates were unstable
e. each currency was worth the same as other currencies
C
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In comparing a job that requires a high level of skill to one for a job that requires a low skill level, the high-skill job
a. will always command a higher wage than the low-skill job b. can command a higher wage only if there is sufficient demand for the output produced by the job c. will command a higher wage whenever the nonmonetary characteristics of the two jobs are equivalent d. will command a higher wage whenever there is a relatively low supply of labor with the required skill level e. will command a higher wage whenever the two labor markets are perfectly competitive
To correct a market failure, society typically relies on
a. the market to correct itself b. individual producers' cost-minimization procedures c. the industry policing itself d. the government to either tax, subsidize, or control output directly e. price to reach equilibrium
Brandon, Haley, Melissa, and Jeffrey each won $1,000 in their office football pool. According to Keynes's absolute income hypothesis, which of them would be most likely to spend the most out of their winnings?
a. Brandon, Haley, Melissa, and Jeffrey will spend the same out of their winnings b. Brandon, who earns $10,000 as a mail clerk c. Haley, who earns $25,000 as an account representative d. Melissa, who earns $50,000 as a software programmer e. Jeffrey, who earns $2 million as the CEO
Since 1948, the history of real wage rates generally shows that
a. prices and wages have risen at the same rate. b. prices have risen at a slower rate than wages. c. prices have risen faster than wages. d. real wages have remained constant over the period.