Suppose that cruise ship employees are laid off during a period of significant decrease in demand for cruise vacations because they have a 3-year contract which has locked their wages into place. This example is consistent with the
A. social contract explanation of unemployment.
B. relative-wage explanation of unemployment.
C. efficiency wage explanation of unemployment.
D. explicit contract explanation of unemployment.
Answer: D
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The utility of a specific product:
A. is determined by consumer income. B. varies from person to person using the product. C. is constant from person to person using the product. D. is determined by the price of the product.
If price is above average total costs, the firm
A) is earning positive profits. B) is earning negative profits. C) is making a normal rate of return on its capital investment. D) may be earning a positive or negative profit depending upon costs.
A nation's balance of payments can be affected by
A. the country's inflation rate relative to other nations' inflation rates. B. per capita GDP relative to other nations' per capita GDP. C. the country's population increases relative to other nations' populations. D. none of these.
Which of the following programs are in cash?
A. AFDC/TANF B. AFDC/TANF and EITC C. WIC D. EITC