If price were $12, there would be _____ (shortage or surplus) of about _____.
shortage; 34
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One difficulty with the idea of comparable worth is that
a. it does not address the idea of compensating wage differentials b. it would reduce the federal budget deficit c. it would cause aggregate wages to fall d. a government agency cannot accurately evaluate the many different characteristics of jobs e. it would not take into account differences in the supply of labor among firms
The interest rate is the opportunity cost
A. of investing in Treasury securities. B. of using credit cards. C. of holding money. D. of investing in stocks.
When you hire a company to paint your house, you cannot be sure of the quality of paint that was used. This situation is an example of
a. moral hazard. b. the adverse selection problem. c. the market for lemons. d. the principal-agent problem.
A good or service is said to be scarce when:
a. its price is too low. b. it is offered only to high income earners. c. no one wishes to purchase it. d. it cannot be transported easily. e. at a price of zero, there is not enough to satisfy everyone's desire for it.