Compensation where the top performer receives much higher rewards than other competitors, even if the others perform at only slightly lower levels, is called
a. a compensating differential.
b. round-robin pay.
c. tournament pay.
d. base pay.
C
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If the labor force participation rate is rising and the working-age population is not changing, then the
A) size of the labor force is rising. B) number of unemployed people is rising and the size of the labor force is falling. C) size of the labor force is falling. D) number of unemployed people is falling and the size of the labor force is rising.
In banking, the spread refers to the difference between the
A) interest rate on long-term bonds and the interest rate on short-term bonds. B) interest rate on car loans and the interest rate on home mortgages. C) average interest rate earned on assets and the average interest rate paid on liabilities. D) bid and asked prices on a bond.
The Law of One Price holds true because
a. All farmers agree on a single price to sell their product b. Government price supports level the playing field c. Profit seeking individuals try to buy low and sell high d. Food is generally price inelastic
Being able to measure the behavior of the economy with statistics such as GDP
a. is useful only in the accounting sense. b. is all that is necessary in order for us to be able to understand macroeconomics. c. can be helpful in developing macroeconomic science, but is not useful for policy making. d. is a crucial step toward developing the science of macroeconomics.