When we express Babe Ruth's 1931 salary in today's dollars and compare his salary to those of current New York Yankee players, we find that the current median salary of today's Yankees is
a. about three quarters of Ruth's salary.
b. about the same as Ruth's salary.
c. about twice Ruth's salary.
d. more than four times Ruth's salary.
d
You might also like to view...
Which of the following statements is equivalent to the law of diminishing marginal returns?
a. A stitch in time saves nine. b. You can't make an omelet without breaking eggs. c. Too many cooks spoil the broth. d. If you can't stand the heat, get out of the kitchen.
An increase in the quantity of tea demanded occurs if:
A. the income of tea drinkers increases. B. the price of coffee rises. C. the price of the tea falls. D. the population of tea drinkers grows.
As the price level rises
a. people will want to buy more bonds, so the interest rate rises. b. people will want to buy fewer bonds, so the interest rate falls. c. people will want to buy more bonds, so the interest rate falls. d. people will want to buy fewer bonds, so the interest rate rises.
Suppose that at the current level of output, price = $100, MC = $100, AVC = $80, and ATC = $90. Which of the following is TRUE?
A) The firm should decrease output. B) The firm should shut down. C) The firm should increase output. D) The firm should maintain the current level of output.