A portion of a worker's earnings is rent if
A) the worker was the last person hired at the going wage rate.
B) the supply curve of labor is horizontal.
C) the worker would accept a small wage cut without quitting or working for someone else.
D) the worker has industry-specific skills.
Answer: C
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__________ are what is available to be used. They produce valued results. They are assets used to satisfy some need
a. Resources b. Goals c. Values d. Attitudes
Suppose the opportunity cost is a constant 500 TV sets for 1 car in Canada and 1,000 TV sets for 8 cars in Mexico. Then, if both countries specialize in accordance with their comparative advantage, the production of 1,000 extra TV sets in one country and 1,000 fewer TV sets in the other would imply that the world as a whole can have
a. 2 more cars b. 6 more cars c. 8 more cars d. 125 more cars e. 500 more cars
A tax cut is likely to cause:
A. An increase in consumer spending. B. A decrease in saving. C. A decrease in aggregate demand. D. An increase in government spending.
Which of the following can most easily be converted into goods and services?
a. money b. CDs c. stocks d. bonds