The difference between the earnings of construction workers who work on bridges and skyscrapers and those who work on highways is most likely due to
a. differences in education requirements.
b. differences in unionization rates.
c. a compensating differential.
d. apprenticeship requirements.
C
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Every social system confronts scarcity and therefore must
A. produce only free goods. B. try to produce outside its production possibilities frontiers. C. economize. D. allocate goods by government edict.
Bubba's Burgers sells hamburgers in a perfectly competitive market at a price of $1.50 each. At the profit-maximizing (cost-minimizing) level of output, average total cost is $1.90 per hamburger and average variable cost is $1.75 per hamburger
Should the firm continue to operate in the short run? Explain.
Suppose we were analyzing the Turkish lira per euro foreign exchange market. If Turkey's central bank intervenes to reduce the value of the euro, then:
a. The supply of euros in the foreign exchange market rises, and Turkey's monetary base rises. b. The supply of euros in the foreign exchange market rises, and Turkey's monetary base falls. c. The demand for euros in the foreign exchange market rises, and Turkey's monetary base rises. d. The demand for euros in the foreign exchange market rises, and Turkey's monetary base falls. e. The demand for euros in the foreign exchange market rises, and Turkey's monetary base remains unchanged.
Microeconomics is concerned with the study of
A. the effects of government spending. B. aggregates. C. the effects of inflation. D. the effects on individual producers of higher wages paid to workers.