As a summer job, some teenagers choose to detassle corn, a job requiring long hours walking corn fields in the summer heat. Other teens take jobs working as lifeguards. Given that detassling corn is a more difficult job than working as a lifeguard, we would expect a difference in wages between the two jobs. This difference is known as
a. an efficiency wage.
b. a compensating differential.
c. a wage adjustment.
d. a minimum wage.
b
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If inflation in the United States is higher than in Japan, what will happen to the exchange rate between the U.S. dollar and the Japanese yen?
A. The dollar and yen will both depreciate. B. The dollar and yen will both appreciate. C. The dollar will depreciate and the yen will appreciate. D. The dollar will appreciate and the yen will depreciate.
The economic system that answers the What, How and For Whom questions the way they have always been answered is a:
a. market economy. b. command economy c. soviet economy. d. traditional economy.
By 2016, the dollar value of the debt had climbed:
A. to 104 percent of GDP. B. to just under $500 billion. C. to $800 billion. D. down to 80 percent of GDP.
Improvements in the productivity of labor will tend to: a. increase the supply of labor
b. increase the demand for labor. c. decrease the supply of labor. d. decrease the demand for labor.