Neper has finished a bachelor’s degree in nursing and is just starting his career. As a registered nurse, he has a(n) ______________ issued by the state that lets his patients know that he is qualified to practice.
b. service contract
c. career guarantee
d. occupational license
d. occupational license
Occupational licenses, which are typically issued by government agencies, show that a worker has completed a certain type of education or passed a certain test. Some of the professionals who must hold a license are doctors, teachers, nurses, engineers, accountants, and lawyers. Occupational licenses are one way to restore the balance when information between buyer and seller is imperfect or asymmetric.
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The U.S. exchange rate rises. As a result, there is a
A) movement along the U.S. aggregate demand curve but the curve does not shift. B) rightward shift in the U.S. aggregate demand curve. C) leftward shift in the U.S. aggregate demand curve. D) rightward shift in the long-run U.S. aggregate supply curve.
Firms hire labor at the point where the
A) nominal wage rate equals the marginal product of labor. B) real wage rate equals the marginal revenue product of labor. C) nominal wage rate equals the marginal revenue product of labor. D) real wage rate equals the marginal revenue product of capital.
If the social benefit is greater than the private benefit in a particular market, then the private equilibrium will be at a quantity:
A. greater than the socially optimal level. B. equal to the socially optimal level. C. less than the socially optimal level. D. greater than or less than the socially optimum level, depending on the size of the external costs.
The accompanying figure shows the annual production possibilities curve for a small country that is open to trade with the rest of the world. Suppose the world price of cashews is $12 per pound, and the world price of mangos is $4 per pound. As indicated in the figure, at these prices, this country will produce 21,000 pounds of mangos and 5,000 pounds of cashews each year.
At this country's current level of production, what is the opportunity cost of a pound of mangos in terms of cashews?
A. 1/3 pounds of cashews B. 5/21 pounds of cashews C. 21/5 pounds of cashews D. 3 pounds of cashews