Recall the Application about the response of bike messengers in Zurich to a change in wages to answer the following question(s).Recall the Application. A study of bike messengers in Zurich showed that as the messengers' revenue share increased from 40% to 50%, their:
A. efforts decreased but their incomes still increased.
B. efforts increased but their incomes still decreased.
C. efforts decreased causing their incomes to decrease.
D. efforts increased causing their incomes to increase.
Answer: A
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A key contribution of Ronald Coase is that he pointed out that private transactions are efficient when the number of parties involved is small
A) and when property rights are well defined and transactions costs are low. B) and when property rights do not exist. C) and that property rights are irrelevant to the existence of externalities. D) and when corporations are not greedy.
Name the two international institutions that have been formed to attain higher rates of global economic growth and briefly discuss what each of the agencies does
What will be an ideal response?
Union contracts with built-in cost-of-living adjustments and home mortgages that vary with the rate of inflation are:
A. examples of failed policies of the 1970s. B. examples of bracket creep. C. means of implementing fiscal policy. D. steps that can be taken to decrease the adverse impacts of inflation.
The Fed conducts an open-market purchase of Treasury bills of $10 million. If the required reserve ratio is 0.10, what change in the money supply can be expected using the oversimplified money multiplier?
A. $100 million B. $10 million C. 0 D. ?$10 million E. ?$100 million