Managers are at the heart of the market process
Indicate whether the statement is true or false
False
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If you negotiated a salary based on an anticipated inflation rate of 4 percent, and the actual inflation rate turned out to be 6 percent
A) your employer would have gained at your expense. B) your real wage will increase, but your nominal wage will decrease. C) the purchasing power of your wages will not change, since purchasing power is based on your nominal wage. D) the purchasing power of your real wages would be more than you anticipated.
The United States is one of the richest nations in the world,
A) so it does not need to trade with poor nations in order to achieve any gains from trade. B) so it might not have a comparative advantage in producing any goods. C) but it can still benefit from specialization and trade. D) so it must have a comparative advantage in the production of all goods. E) so it must have an absolute advantage in the production of all goods.
If country X has a higher capital per person than country Y, then ________
A) country X is richer than country Y B) the only way for country X to be richer than country Y is if X is just as productive (has the same TFP) as Y C) the only way for country Y to be richer than country X is if Y is more productive (has a higher TFP) than X D) the only way for country X to be richer than country Y is if X is less productive (has a lower TFP) than Y E) none of the above
The reason some insurance customers are more eager to purchase insurance is
a. they are more risk averse b. they are less risk averse c. they have a greater risk of making a claim d. A and C