Differences in productivity can actually benefit society even when this results in increases in income inequality
Indicate whether the statement is true or false
TRUE
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By definition, an inferior good is a
A) want that is not expressed by demand. B) normal substitute good. C) good for which demand decreases when its price rises. D) good for which demand decreases when income increases.
Lynn owns Dust Bunnies, a cleaning company. In one week, she is able to clean 9 houses. If she hires an employee, together they are able to clean 15 houses per week
If Lynn charges $100 to clean a house, and she pays her employee $400 a week, should she hire this employee? A) Yes, because the value of marginal product of the worker is less than the wage. B) Yes, because the value of marginal product of the worker is greater than the wage. C) No, because the value of marginal product of the worker is greater than the wage. D) No, because the value of marginal product of the worker is less than the wage.
Which firm is not dealing with adverse selection
a. a manufacturer requires a 90 day probationary period for new employees b. a temporary clerical agency requires a typing test c. a manufacturer contracts with suppliers regardless of ISO 900 . status d. Smokers get the worse life insurance rates as non-smokers
One of the reasons communism failed was because:
a. governments ran out of money. b. workers received the same pay whether or not they worked hard. c. there was no unemployment. d. Mao Zedong passed away. e. technological improvements were impossible in a communist economy.