Because income differs so much by type of job, some economists argue that a new class distinction has emerged between:
A. workers and capitalists.
B. salaried workers and the self-employed.
C. union and nonunion workers.
D. professionals and nonprofessionals.
Answer: D
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What is both a necessary and sufficient condition for anything to become money?
A) Metallic backing B) Government fiat C) Acceptability D) A stable price level E) Seignorage
Output Q3 can be produced at the lowest cost by the size of firm represented by
A. ATC1.
B. ATC2.
C. ATC3.
D. ATC4.
In a ________, the amount of output that any one household gets depends on its income and wealth.
A. command system B. free-market system C. socialist economy D. Marxist economy
Refer to Above Figure, an increase in population would be represented by a movement from
a. S1 to S2 b. D1 to D2 c. B to A d. B to C.