The term "compensating differential" refers to
a. the fact that workers who do similar work should be paid the same wage.
b. the fact that some workers live further from their jobs than do other workers.
c. a wage difference that is due to unionization of some firms but not others.
d. a wage difference that arises from nonmonetary characteristics of different jobs.
d
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Barth Anderson states that the 2008 "downturn in the economy has really brought a lot of people home. They don't say, 'Well, we're going to order a pizza.' They actually cook
" Assuming that restaurant meals and eating at home are substitutes for one another and only consumers' income decreases, what is TRUE? A) Restaurant meals are an inferior good and eating at home is a normal good. B) Restaurant meals are a normal good and eating at home is an inferior good. C) Restaurant meals are an inferior good and eating at home is an inferior good. D) Restaurant meals are a normal good and eating at home is a normal good.
Specific tariffs are collected as
A) fixed amounts of money per unit traded. B) a percentage of the price of the product. C) a percentage of the quantity of imports. D) All of the above.
Suppose we observe several years of falling inflation rates for an economy. Which of the following would best explain this phenomenon? a. Unemployment is probably at the natural rate
b. The unemployment rate must be rising. c. The unemployment rate must be below the natural rate. d. The unemployment rate is probably above the natural rate. e. Aggregate output must be increasing.
An upward-sloping short-run aggregate-supply curve is represented by which of the following equations?
a) Quantity of output supplied = Natural level of output + a(Actual price level + Expected price level) b) Quantity of output supplied = Natural level of output - a(Actual price level - Expected price level) c) Quantity of output supplied = a(Natural level of output) + (Actual price level - Expected price level) d) Quantity of output supplied = Natural level of output + a(Actual price level - Expected price level)