Darryl graduated with honors from college. However, he obtained his outstanding grades by cheating on every final exam with help from his best friend; Darryl actually has the talent of a C student. Nevertheless, he gets a job with a top accounting firm in Boston. The fact that he is hired illustrates a failure of
a. comparable worth
b. signaling and screening
c. marginal productivity
d. supply and demand
e. specialization
B
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A firm might be tempted to cheat on a collusive price-fixing agreement by setting a ________ price and producing ________ than agreed upon
A) lower; more B) lower; less C) higher; more D) higher; less
Which of the following economic values is NOT an example of a price?
A) Wage earned per hour B) Annual interest rate paid for borrowed money C) College tuition per semester D) all are examples of prices
A change in the reserve requirement is the tool used least often by the Fed because it:
A. Does not affect bank reserves. B. Can cause abrupt changes in the money supply. C. Does not affect the money multiplier. D. Has no impact on the lending capacity of the banking system.
The law of supply and the law of demand both rely on the concept of opportunity cost.
Answer the following statement true (T) or false (F)