The job of night watchman at the Punxsutawny Phil Groundhog museum is known to have a high wage. Which of the following would push the night watchman's wage higher?
a. The job does not require specialized skills.
b. The job is easy.
c. The job is incredibly dull.
d. The job has minimal risk of injury.
c
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If income distribution in an economy is perfectly equal, the lowest quintile will earn 20% of total income
Indicate whether the statement is true or false
If the absolute value of the price elasticity of demand for a product is greater than 1, then
A) quantity demanded is not very sensitive to price changes. B) demand is elastic. C) demand is unit-elastic. D) demand is inelastic.
Which of the following statements about unionization is true?
A. The public sector is not heavily unionized compared to the private sector. B. Union membership has risen in the last 50 years as a result of globalization. C. Work stoppages due to strikes have become less common, and shorter, in the last 50 years. D. Labor unions can increase wages but have virtually no impact on benefits.
A typical economic good has which one of the following characteristics?
A. The desired quantity exceeds the quantity available at a zero price. B. It is never scarce. C. It uses no resources to produce. D. The quantity available exceeds the desired quantity at a zero price.