Curly just graduated from State U and has three job offers: teaching at a prestigious private high school nine months a year with summers off, working forty hours a week at a bank in a small city, and working more than sixty hours a week for a high-powered investment firm in New York. Suppose all of the jobs currently offer exactly the same annual salary, and that most people prefer leisure to work, all else equal. In order to attract workers, the ________ would have to offer a ________ salary than the others.
A. high school; lower
B. bank; higher
C. investment firm; higher
D. investment firm; lower
Answer: C
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Extractive institutions:
A) privilege many at the expense of a few. B) privilege a few at the expense of many. C) are restricted to command economies. D) are restricted to market economies.
In the table above, the marginal benefit of the 4 millionth television set is
A) negative 0.5 computers per television set. B) 0.25 computers per television set. C) 0.5 computers per television set. D) 1.0 computer per television set.
In the long run, an economy will produce its potential output if: a. workers mistakenly believe that nominal wages equal real wages
b. the expectations of workers and firms are the same in the long and short run. c. wages and prices are sufficiently flexible. d. the price level is high. e. the price level is low.
According to the classical model, there is no need for government intervention in the economy. if the economy is left alone, full employment output will eventually occur
a. True b. False