The LEAST risky payment plan from the viewpoint of the worker is:
A. piece rate.
B. hourly wage.
C. profit sharing.
D. revenue sharing.
Answer: B
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Adam Smith and David Ricardo worked together to develop the law of comparative advantage.
Answer the following statement true (T) or false (F)
When the economy is going strong the:
A. demand for workers increases. B. supply of workers increases. C. demand for workers decreases. D. supply of workers decreases.
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were an autarky, consumers would get area:
A. A in consumer surplus. B. ABCDEFG in consumer surplus. C. ABCD in consumer surplus. D. ABC in consumer surplus.
For two goods, X and Y, to be classified as substitutes, it must be the case that:
A. when the price of X rises, the demand for Y increases. B. X and Y are identical. C. when the price of X rises, the demand for Y decreases. D. consumers tend to purchase both items together.