A relatively high wage is predicted to be enjoyed by workers where
a. the population is large relative to industrial activity.
b. the jobs are disagreeable or dangerous.
c. the jobs are pleasant and satisfying.
d. demand is weak and supply is high.
b
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The price of a good is
A) always equal to the cost of producing the good. B) never affected by the number of buyers and sellers. C) usually determined in a market. D) None of the above.
A linear, downward-sloping demand curve has a constant elasticity but a changing slope
a. True b. False Indicate whether the statement is true or false
If the interest rate falls, the opportunity cost of holding money __________ and the quantity demanded of money __________
A) rises, rises B) rises, falls C) falls, rises D) falls, falls
Which of the following statements accurately explains the superstar phenomenon in wages?
a. Better carpenters earn more than average carpenters because people are willing to pay higher prices for higher-quality work. b. The more productive an author is, the more books she can write each year, so the more she earns. c. Talented movie stars earn more than equally talented mechanics because technology allows the delivery of the services provided by the movie stars to all interested customers. d. Athletes get paid for performing services that everyday people perform as hobbies.