Recall the Application about the salaries paid in Major League Baseball to answer the following question(s). Some Major League Baseball players are free agents, meaning they are free to negotiate a contract with any team. Other players are journeymen and apprentices, who are restricted to a single team.Recall the Application. On average, apprentices in Major League Baseball tend to be paid a salary ________ their marginal revenue product.
A. significantly higher than
B. significantly lower than
C. close to
D. unrelated to
Answer: B
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Sarah is a full-time student who is not looking for work. What kind of unemployment is Sarah experiencing?
A) frictional B) cyclical C) structural D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force.
Which of the following observations is true?
a. Free markets will achieve all of society's goals. b. The ability to buy goods is divided equally among consumers. c. The market deals with efficiency in production through the profit motive. d. The market system encourages firms to use inputs wastefully.
What is an asset?
a. What is left after the liabilities are satisfied b. What a company owns c. What a company owes d. None of these
Deposit insurance creates a moral hazard that depositors have less incentive to monitor their bank.
Answer the following statement true (T) or false (F)