Suppose that a company hires recent college graduates for two types of jobs, sales people and credit analysts. The hours worked and skill levels are the same for both positions. The sales people must "cold call," which many people find to be unpleasant. When comparing the salaries of the two positions, it is likely that the company pays the
a. credit analysts more as a compensating differential.
b. sales people more as a compensating differential.
c. same salary for both positions because they require the same skill level.
d. same salary for both positions because it would be illegal to do otherwise.
b
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In which of the following situations would GDP not change?
A. Domestic consumers begin to buy less imported wine, and instead spend just as much money on domestically produced wine. B. More and more domestic consumers opt to build a new home, rather than spending the same money on an already existing home. C. Without reducing the number of automobiles sold, domestic automobile producers decide to reduce the number of automobiles they produce, rather than producing cars that would end up as unsold inventory. D. As domestic consumers buy fewer tobacco products, tobacco manufacturers instead sell their products, at the same price, to foreign buyers.
Suppose the total population of an economy is 150 million, the labor force is 100 million, and the unemployment is 94 million. The unemployment rate is _____
a. 6 percent b. 80 percent c. 94 percent d. 10 percent e. 15 percent
Net Exports are defined to be:
A. Imports ? Exports. B. Imports + Exports. C. Exports ? Imports. D. Exports ? Investment.
Suppose that there are only two countries in the world, Heartland and Soulland. The two countries produce only two goods, corn and drill presses. At its current level of production, Heartland must give up production of 1/4 drill press to produce an additional 100 bushels of corn. Soulland must give up 1 drill press to produce an additional 100 bushels of corn. No trade now occurs between the two economies, and both economies are operating on their respective production possibilities frontiers. 89. (Exhibit: Heartland and Soulland) The country with a comparative advantage in the production of corn is:
A) Heartland. B) Soulland. C) neither; they both use the same technology. D) neither; they both use the same amount of resources.