Which of the following is a microeconomic question?
A) Should Congress and the president take action to reduce the unemployment rate?
B) Why do some countries have higher economic growth rates than other countries?
C) Should companies pay for employees' health insurance?
D) Should the Fed attempt to influence the interest rate to control potential inflation?
C
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Refer to Table 7-2. Select the statement that accurately interprets the data in the table
A) Madison has an absolute advantage in making empanadas and tacos. B) Austin has an absolute advantage in making empanadas and tacos. C) Madison has an absolute advantage in making empanadas and Austin has an absolute advantage in making tacos. D) Madison has an absolute advantage in making tacos and Austin has an absolute advantage in making empanadas.
Three possibilities have probabilities 0.5, 0.4 and 0.1 and values $10, $20, and $30 respectively. The expected value is:
a. $15 b. $16 c. $17 d. $18
Concerning the labor market and taxes on labor, economists disagree about
a. the size of the tax on labor. b. the size of the deadweight loss of the tax on labor. c. whether or not a tax on labor places a wedge between the wage that firms pay and the wage that workers receive. d. All of the above are correct.
In 1913, the Ford Motor Company decided to pay its employees $5 a day. This wage was significantly higher than what any other organization offered. Henry Ford believed that this wage would make his employees happier, increase their productivity, and lower employee turnover. Economists would say that Mr. Ford offered his employees
a. a union. b. an efficiency wage. c. a diminishing rate of marginal return. d. a leisure wage.