More enjoyable professions tend to enjoy compensating wage differentials
a. True
b. False
B
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If most shocks to the economy are ________ shocks, then ________
A) aggregate demand; inflation stabilization policy will also stabilize activity in the short-run B) permanent aggregate supply; inflation stabilization policy will also stabilize activity in the short-run C) temporary aggregate supply; inflation stabilization policy has no impact on economic activity in the long-run D) all of the above E) none of the above
Identify the “oversimplified multiplier formula.”
A. Multiplier = 1 divided by (1 ? change in GDP) B. Multiplier = 1 divided by (1 ? marginal propensity to consume) C. Multiplier = 1 divided by (1 ? marginal propensity to save) D. Multiplier = 1 divided by (1 ? rate of inflation)
An increase in quantity supplied can be caused by a(n)
a. decrease in quantity demanded b. rise in resource input prices c. increase in price d. decrease in the number of firms in the market e. tax levied on the producer
In the short run under perfect competition, an individual firm should increase output as long as
a. marginal revenue exceeds marginal cost b. total revenue exceeds total cost c. price exceeds marginal revenue d. total revenue is rising e. marginal revenue is rising