On average, electricians who work on dangerous high-voltage power lines earn more per hour than similarly skilled electricians who don't work on dangerous high-voltage power lines. The difference in pay is attributed to
a. the marginal product of labor.
b. the marginal product of capital.
c. diminishing marginal returns.
d. a compensating differential.
d
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Vince says that the present value of $500 to be received one year from today if the interest rate is 8 percent is more than the present value of $500 to be received two years from today if the interest rate is 4 percent. Terri says that $500 saved for two years at an interest rate of 3 percent has a larger future value than $500 saved for one years at an interest rate of 6 percent
a. Both Vince and Terri are correct. b. Only Vince is correct. c. Only Terri is correct. d. Neither Vince nor Terri is correct.
Which of the following is least likely to affect the supply of labor in any particular industry?
A. The size of the available working population B. The nonmonetary attractiveness of the job C. The amount of ability and training necessary to enter the job D. The wages offered in the industry
In the figure shown,
A. there is a trade balance, because the world price level equals the domestic price level. B. there is a trade deficit because of globalization. C. there is a trade surplus, because actual output equals potential output. D. the country isn't exporting or importing because world and domestic prices are equal.
Average variable cost is defined as:
A. total variable cost divided by quantity. B. quantity divided by total variable cost. C. the change in total variable cost divided by the change in quantity. D. the change in quantity divided by the change in total variable cost.