Consider an apple orchard owner deciding how to incentivize his fruit pickers. He pays per pound harvested but adjusts the compensation rate higher during poor harvest seasons. As a consequence
a. The picker's effort would not depend on the compensation rate
b. The pickers would claim poor harvests in order to be paid higher piece rates even during bountiful harvest seasons
c. The pickers would claim good harvests in order to be paid higher piece rates even during poor harvest seasons
d. None of the above
b
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Which population category equals the sum of employed and unemployed people?
A) working-age population B) labor force C) young and institutionalized D) not in the labor force
Since 1973, governmental efforts to control currency values have been _____, and currency exchange rates have ______.
a. nonexistent; remained constant b. insufficient; changed dramatically c. very strict; remained constant d. nonexistent; been fixed
Which of the following is a flow concept?
A. Wealth B. Gallons of water in a pool C. Body weight D. Expenditures
An increase in the reserve supply
A. will result in inflation if the unemployment rate is high. B. causes interest rates to rise. C. shifts the aggregate demand curve inward. D. will probably cause inflation if the economy is at potential GDP.