One implication of the theory of compensating differentials is that jobs in states with high income tax rates are likely to
A. have worse working conditions.
B. be associated with more fringe benefits.
C. pay the same wage and offer the same fringe benefits package as the same jobs in lower-tax states.
D. be associated with fewer fringe benefits.
E. be seasonal in nature.
Answer: B
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If perfectly competitive firms are making an economic profit, the economic profit
A) attracts entry by more firms, which lowers the price. B) can be earned both in the short run and the long run. C) is less than the normal profit. D) leads to a decrease in market demand. E) generally leads to firms exiting as they seek higher profit in other markets.
The quantity theory of money is the idea that in the long run
A) the quantity of money is determined by banks. B) the quantity of money serves as a good indicator of how well money functions as a store of value. C) the quantity of money determines real GDP. D) an increase in the growth rate of the quantity of money leads to an equal increase in the inflation rate.
Resale price maintenance prevents retailers from competing on price
a. True b. False Indicate whether the statement is true or false
Along the elastic range of a demand curve, a price change causes:
A. a change in total revenue in the opposite direction. B. a change in total revenue in the same direction. C. no change in total revenue. D. an unpredictable change in the total revenue.