There are several reasons why incomes are unequal, including differences in luck, experience, and schooling.
Answer the following statement true (T) or false (F)
True
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A gold standard is: a. a measurement of the importance of a good; it indicates high quality
b. the basis for monetary exchange internationally. c. an internationally recognized means for defining currency exchange rates. d. a system where currency (e.g., the dollar) was defined as equivalent in value to a certain amount of gold.
How might the input market for capital affect the labor market?
a. Workers might be replaced by machines if capital costs are lower than wages. b. As the cost of capital rises, owners are more willing to increase the supply. c. Demand for capital rises as the supply of labor moves toward equilibrium. d. When equipment is new, workers usually do not help to increase profits.
If a tariff is imposed on imported televisions, we expect domestic demand for televisions to:
A) fall, and the total supply to increase. B) rise, and the total supply to decrease. C) rise, and the total supply to rise. D) remain unchanged, and the total supply to decrease.
Why did a decline in mortgage rates in the 1990s cause the velocity of M2 to fluctuate?
What will be an ideal response?