One reason why the average salary of Major League Baseball players is higher than the average salary of college professors is
A) competition among baseball club owners forces player salaries to be much higher than the players' marginal revenue products.
B) the marginal revenue product of baseball players is greater than the marginal revenue product of college professors.
C) the careers of most baseball players are much shorter than the careers of most college professors.
D) college professors accept lower salaries in exchange for better working conditions.
B
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Consider the labor market below. 
If a minimum wage of $12 per hour is imposed in this labor market, then:
A. 400 workers will earn $12 an hour. B. total earnings will rise C. worker surplus will fall. D. 200 workers will lose their jobs.
Which of the following is an assumption that economists make?
A. Most people possess entrepreneurial talent. B. People are very good at assessing the costs of decisions accurately. C. Individuals and firms will act to provide the things people want. D. Individuals usually fail to optimize the use of their resources because they think on the margin.
If a U.S. shirt maker purchases cotton from Egypt, U.S. net exports
a. increase, and U.S. net capital outflow increases. b. increase, and U.S. net capital outflow decreases. c. decrease, and U.S. net capital outflow increases. d. decrease, and U.S. net capital outflow decreases.
What happened in response to passage of the Wagner Act in 1935?
a. Many formerly unionized industries saw a decrease in union activities. b. Unions formed in most of the mass production industries for the first time. c. Labor unions were prohibited from controlling hiring at closed shops. d. Worker alienation and dissatisfaction grew in deregulated industries.