Recall the Application about the salaries paid in Major League Baseball to answer the following question(s). Some Major League Baseball players are free agents, meaning they are free to negotiate a contract with any team. Other players are journeymen and apprentices, who are restricted to a single team.Recall the Application. On average, apprentices in Major League Baseball tend to be paid a salary ________ their marginal revenue product.
A. significantly higher than
B. significantly lower than
C. close to
D. unrelated to
Answer: B
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A general policy of imposing trade restrictions is called
a. protectionism b. import substitution c. quantitative restrictions d. effective protection e. all of the above
Which of the following would most likely NOT be included in the liquidity approach to defining the money supply?
A) savings deposits B) money market mutual fund accounts C) corporate bonds D) traveler's checks
The official Federal Reserve strategy for implementing its monetary policy objectives is spelled out in the
A) Federal Reserve Board (FRB) Decree. B) Federal Reserve Bank Cooperative (FRBC) Proposal. C) Federal Advisory Committee (FAC) Statement. D) Federal Open Market Committee (FOMC) Directive.
Which of the following is not an example of market failure?
a. Efficient equilibrium b. Extreme income inequality c. Lack of competition d. Externalities