The price of one product in terms of another commodity is called its
A. money price.
B. financial price.
C. converse price.
D. relative price.
Answer: D
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Along a straight-line demand curve, the
A. slope is constant. B. ratio P / Q constantly changes. C. elasticity grows much smaller toward the right-hand end. D. All of the responses are correct.
Some people believe that employees should be paid the same wages when their jobs, although different, require similar levels of education, training, experience, and responsibility. This principle is known as:
a. the equal-pay-for-equal work doctrine. b. Lorenz equivalence. c. marginal productivity theory. d. comparable worth.
The theory of ____________ holds that people will not vote if the costs of becoming informed and voting are too high, or if they feel their vote will not be decisive in the election.
a. irrational voting b. rational ignorance c. mathematical ignorance d. rational voting
Long-term contracts are LESS likely when:
A. specialized investments are important. B. hold-up is likely. C. workers are paid based on piece rates. D. the exchange environment is complex.