On the farm, which of the following people had the highest labor value?
(a) A woman
(b) A man
(c) A child
(d) A grandparent
(b)
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If the exchange rate changes from 20 cents per franc to 18 cents per franc, the U.S. dollar has
a. appreciated, since its value has increased b. appreciated, since its value has declined c. depreciated, making French goods more expensive in U.S. dollars d. depreciated, since its value has declined e. depreciated, since its value has increased
It is generally more profitable for a firm to pay workers more than the going wage rate:
A. in areas in which turnover is not very costly. B. in sectors where skills are scarce. C. in industries in which worker motivation doesn't really matter. D. All of these are true.
The unit of account characteristic of money:
A. means that money finalizes payments. B. makes it difficult to compare the relative prices of goods and services. C. means prices are expressed in terms of money. D. refers to how we use money to transfer purchasing power over time.