Related to the Economics in Practice on page 216: According to the survey discussed in the Economics in Practice,
A. workers were willing to give up other benefits, but not their wages, to avoid employer discretion in hours.
B. workers were willing to give up 20 percent of their wages to avoid employer discretion in hours.
C. workers were not willing to give up any of their wages to avoid employer discretion in hours.
D. almost all workers were willing to give up over 50 percent of their wages, but almost none were willing to give up other benefits, to avoid employer discretion in hours.
Answer: B
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Jane produces only corn, measured in tons, and cloth, measured in bolts. For her, the opportunity cost of one more ton of corn is
A) the same as the opportunity cost of one more bolt of cloth. B) the inverse of the opportunity cost of one more bolt of cloth. C) the ratio of all the bolts of cloth she produces to all the tons of corn she produces. D) the ratio of all the tons of corn she produces to all the bolts of cloth she produces.
A profit-maximizing monopolistically competitive firm produces and sells an allocatively efficient quantity of output
Indicate whether the statement is true or false
What is the "medium of exchange" function of money?
a. A common measurement of the relative value of different goods and services. b. The ability of money to hold value over time c. The quality of money not to be hoarded because of its commodity value. d. The function of money to be widely accepted I exchange for goods and services.
Initially the two vendors set up at the ¼ -mile mark and the ¾-mile mark in order for each to minimize its transportation costs. Eventually they both locate at the ½-mile mark. Which of the following statements is true?
a. Both vendors raised their transportation costs by moving to the center.
b. The initial setup is the Nash equilibrium.
c. The initial setup is a stable equilibrium.
d. Vendor A lowered its transportation costs by moving to the center.