Which of the following could explain why hockey players earn such high income?
a. All of the following are correct.
b. Average careers are very short; the chances of being unemployed are greater than in many other jobs.
c. The income effect encourages them to work more as the wage increases.
d. Many people want to become hockey players.
e. The threat of injury makes the job more exciting than other jobs.
B
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The above figure shows the demand and marginal cost curves for a monopoly. Under monopoly, consumer surplus equals
A) a + b. B) a + b + c. C) a + b + c + d + e + f. D) None of the above.
When a transfer price decreases
a. the profits of the division producing the intermediate product will rise b. the profits of the division producing the intermediate product will fall c. the costs of the division producing the intermediate product will rise d. the costs of the division producing the intermediate product will fall
Over the 1980s and 1990s, countries with sound fiscal, monetary, and trade policies and strong rule of law combined with large amounts of aid:
A. grew at 1 percent, indicating the necessity of good policy in conjunction with aid. B. still failed to grow, indicating new methods for furthering development are needed. C. saw GDP shrink by 1 percent, indicating corruption and inefficient use of funds is rampant. D. None of these statements is true.
You just won the lottery. You have a choice of three different prize options. Option #1: receive $1,200 immediately Option #2: receive $1,500 a year from now Option #3: receive $5,000 five years from now. If the interest rate is 10% the ranking of the options, from the lowest present value to the highest is
a. Option #2, Option #3, Option #1 b. Option #3, Option #1, Option #2 c. Option #1, Option #2, Option # d. Option #1, Option #3, Option #2 e. Option #3, Option #2, Option #1