A hedonic wage function could be applied to which of the following job characteristics?
A. the degree to which the area surrounding the job location is safe
B. the degree to which a job involves monotonous work
C. the probability of being injured on the job
D. the degree to which a job involves strenuous work
E. All of the above can be represented with a hedonic wage function.
Answer: E
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What is the "medium of exchange" function of money?
a. Money provides a unit for measurement of different goods and services. b. Money has the ability to hold value over time. c. Materials used to manufacture money are of medium grade or quality, so that people will not hoard money for its commodity value d. Money is widely accepted in exchange for goods and services
Which would be considered an investment according to economists?
a. The selling of IBM corporate bonds b. The purchase of a new machine by Ford c. The purchase of stock in MacDonald's d. The buying of shares of Janus mutual funds
The government sets a price floor for corn which is above the equilibrium price of corn. As a result, ________
A) the corn market will be efficient B) a deadweight loss will be created C) a shortage of corn will be created D) none of the above answers is correct
A special interest issue is one that:
a. provides large private benefits and large social benefits
b. provides small private benefits and large social benefits.
c. provides large benefits to each of a small number of people and small costs to each of a large number of people.
d. provides small benefits to each of a small number of people and large costs to each of a large number of people.