The fact that some people will work hard to earn a lot of money while others will be content with much less income indicates that
a. worker preferences are an important source of earning differentials.
b. skill levels of laborers are a minor consideration in wage rate determination.
c. economics ranks one set of worker preferences as more desirable than another.
d. some people can be paid less for doing hard work while others have to be paid a premium for doing a similar task.
a. worker preferences are an important source of earning differentials.
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For foreigners, the intersection of the demand for US dollars and the supply of US dollar is known as the
a. Inflation rate b. Exchange rate c. Price d. Quantity
The majority of export in the U.S. come from:
A. consumption goods and automotive vehicles. B. capital goods and industrial supplies. C. capital goods and consumption goods. D. industrial goods and consumption goods.
The change in consumption spending divided by the change in disposable income provides the ______.
a. change in total consumption b. marginal propensity to consume c. total purchases from the multiplier effect d. change in overall tax revenue
Entrepreneurs:
A. work exclusively in government and university R&D laboratories. B. often form small companies called start-ups. C. are less likely to exist in service industries than in manufacturing industries. D. are engaged mainly in basic scientific research.