Determining whether the income distribution accurately reflects performance ability is possible, although difficult
Indicate whether the statement is true or false
F
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What does the Law of Diminishing Marginal Product state?
What will be an ideal response?
Efficiency wages paid to workers:
A) equal the lowest pay that workers would accept. B) are wages above the lowest pay that workers would accept. C) equal the marginal revenue product of the workers. D) are wages adjusted for changes in the price level.
What effect on the price of hiring a lawyer to draw up a will would the opportunity-cost theory predict as a consequence of legislation requiring the use of a lawyer in all real estate transactions?
A) A higher price as the market becomes flooded with lawyers. B) A higher price as lawyers find it costs them more to draw up wills C) No effect because prices are determined by demand, not by cost. D) A lower price as the market becomes flooded with lawyers E) A lower price as lawyers find they can now obtain their desired income level with lower fees
When the value of a currency is determined mostly by demand and supply, but with occasional government intervention, the exchange rate system is defined as
A) floating. B) fixed. C) Bretton Woods. D) managed float.