Which of the following is an ordering of jobs based on their content or relative value?
A. Job analysis
B. Job description
C. Job structure
D. Job evaluation
C. Job structure
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In the long run, the nominal exchange rate
A) is a monetary phenomenon, determined by the quantities of money in two countries. B) is not related to the real exchange rate, since the real exchange rate is the true value of currencies. C) will not change if prices in one country change, since prices are nominal variables. D) is fixed by world central banks, as indicated by the fixed exchange rate system.
Refer to Figure 4-6. At the price P2, consumers are willing to buy the Q2 pounds of granola. Is this an economically efficient quantity?
A) Yes, otherwise consumers would not buy Q2 units. B) Yes, because the price P2 shows what consumers are willing to pay for the product. C) No, the marginal benefit of the last unit (Q2 ) exceeds the marginal cost of that last unit. D) No, the marginal cost of the last unit (Q2 ) exceeds the marginal benefit of the last unit.
The rising minimum wage allegedly has reduced the quantity demanded of teenage labor. However, demographics slightly reduced the supply of teenage labor. The U.S. Department of Labor reported that teenage unemployment is an increasing problem. Which graph in Figure 4-10 is consistent with these facts?
a.
1
b.
2
c.
3
d.
4
Figure 4-10
Which of the following statements is true?
A) In general, if a product has few substitutes it will have an elastic demand.
B) The more time that passes the more inelastic the demand for a product becomes.
C) The demand curve for a necessity is more elastic than the demand curve for a luxury.
D) The more narrowly we define a market, the more elastic the demand for a product will be.