The more specialized labor becomes, the:
a. less likely it is that a double coincidence of wants will exist, and the less likely it is that monetary exchange will develop.
b. less likely it is that a double coincidence of wants will exist, and the more likely it is that monetary exchange will develop.
c. more likely it is that a double coincidence of wants will exist, and the less likely it is that monetary exchange will develop.
d. more likely it is that a double coincidence of wants will exist, and the more likely it is that monetary exchange will develop.
e. more likely it is that the individual is producing only what he or she wants to consume.
b
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The Federal Reserve finances its credit policy with
A) reserve deposits that private banks hold with the Fed. B) the insurance premiums collected by the FDIC. C) borrowing from the federal government. D) funding from the U.S. Treasury Department.
Scott is a manager at a pool cleaning business. He has hired 10 workers to clean pools for him and is considering what type of payment scheme he should set up for his workers
He can pay each of his workers $10 per hour to clean pools, or he can pay his workers $20 for each pool a worker cleans. (It takes 2 hours, on average, for an employee to clean a pool thoroughly.) If Scott wants to maximize the number of pools his workers clean in one day, which payment scheme should he use? Explain.
Which of the following is a correct statement about the labor market?
a. Workers determine the supply of labor, and firms determine the demand for labor. b. Workers determine the demand for labor, and firms determine the supply of labor. c. Workers determine the supply of labor, and government determines the demand for labor. d. The forces of supply and demand, while present in the labor market, have nothing to balance in that market.
The controller of a monopoly sets the price of goods by charging _____.
(A) As much as possible, regardless of the amount sold. (B) Less than the company would charge if it did not have a monopoly. (C) The price at which the profit is maximized. (D) Only a small amount over cost.