A waiter in an all-night restaurant at a dangerous location is likely to receive
A. a competitive market wage.
B. a wage that equals returns to specific human capital.
C. a wage that equals returns to general training.
D. a wage with a compensating wage differential.
Answer: D
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Most of the state and local government employees are in what area?
A. Education B. Highways C. Health care D. Administration
In economics, an organization that produces a good or service is called a
A) business. B) firm. C) company. D) All of the above are correct.
Economists have shown that the burden of a tax is
A) greater on the buyer when the tax is collected from the seller and greater on the seller when the tax is collected from the buyer. B) the same whether the tax is collected from the buyer or the seller. C) greater on the buyer when the tax is collected from the buyer. D) greater on the seller when the tax is collected from the seller.
Nonactivists propose doing nothing in the face of economic hardship because ________
A) activist policies can kick in at the wrong time and be counterproductive B) "markets self-correct pretty rapidly anyway" C) in the face of high unemployment, activist policies would likely lead to surges in inflation D) all of the above E) none of the above