A registered nurse in Tulsa, Oklahoma makes a lower wage than an equally skilled registered nurse in San Francisco. This is an example of a compensating differential.
Answer the following statement true (T) or false (F)
True
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Knowledge has become measurably more important in today's economy
Indicate whether the statement is true or false
With respect to unemployment, the classical model states that
A) unemployment of any kind cannot exist. B) involuntary unemployment will always exceed voluntary unemployment. C) unemployment fluctuates with the interest rate. D) only voluntary unemployment exists.
Renee consumes pizza and rice. An increase in her income causes her to consume fewer pizzas and more rice. The change in pizzas consumed means that
A) her total utility from consuming pizzas had been negative. B) her marginal utility from consuming pizzas had been negative. C) her marginal utility from consuming pizzas had been zero. D) pizza is an inferior good for Renee.
Refer to Figure 9-1. Under autarky, the deadweight loss is
A) $0. B) $30. C) $15. D) $40.