The fact that some people will work hard to earn a lot of money while others will be content with much less income indicates that
a. worker preferences are an important source of earning differentials.
b. economics ranks one set of worker preferences as more desirable than another.
c. some people can be paid less for doing hard work while others have to be paid a premium for doing a similar task.
d. skill levels of laborers are a minor consideration in wage rate determination.
A
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Vote trading in legislatures can lead to efficient outcomes that might otherwise not have been reached.
Answer the following statement true (T) or false (F)
For a tax to be successful, the tax base must be ¬¬¬_____
a. easy to measure and monitor b. large c. inelastic d. able to expand in times of crisis
A college student decides to spend the afternoon watching three movies rented from Red Box. The cost of each movie is $1. The student was willing to pay $4 to rent each of the first two movies and $2 to rent the third movie. What was the marginal benefit received by the student when renting the 2nd movie?
A. $1 B. $8 C. $4 D. $2
A market shortage is
A. A situation in which producers cannot sell all the goods and services that they are willing and otherwise able to sell. B. The result of a price floor. C. The amount by which the cost of production exceeds the price of a good. D. The amount by which the quantity demanded exceeds the quantity supplied at a given price.