"The customer is always right" explains
a. the higher wages paid to members of a union.
b. compensating differentials.
c. persistent wage discrimination based on consumer preferences.
d. All of the above are correct.
c
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Which of the following would cause a decrease in aggregate demand?
A) a rise in wages B) an increase in the money supply C) a fall in investor confidence D) an increase in the price level
Countries that are more open to international trade tend to have
A) property rights that are not well defined. B) higher levels of economic growth. C) lower levels of physical capital. D) lower levels of economic growth.
The U.S. work week has declined from 60 hours in 1890 to 40 hours today. The impact of the decline in working hours
A) increases U.S. GDP and increases the well-being of a typical working person in the U.S. B) increases U.S. GDP and decreases the well-being of a typical working person in the U.S. C) decreases U.S. GDP and decreases the well-being of a typical working person in the U.S. D) decreases U.S. GDP and increases the well-being of a typical working person in the U.S.
If the public has correct rational expectations and the Fed reduces both reserve requirements and the discount rate, it would be expected to result in: a. a higher level of real output and a lower price level. b. a lower price level but no change in real output
c. a higher price level and a reduced level of real output. d. a higher price level but no change in real output.