Which of the following functions of money would be violated if inflation were high?
a. unit of account
b. store of value
c. certificate of gold
d. medium of exchange
b. store of value
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Insurance companies create wealth by
a. reducing the amount of risk that risk averse individuals must bear b. reducing the amount of risk that risk loving individuals must bear c. increasing the amount of risk that risk averse individuals must bear d. moving an asset from low to high value use
Two jobs have different training requirements, and the job that requires more extensive training currently pays $20 more per hour. The jobs are equivalent in all other respects. If labor is migrating from the job with lower training requirements to the job with greater training requirements, then
a. the equilibrium compensating wage differential is more than $20 per hour b. the equilibrium compensating wage differential equals $20 per hour c. the wage rate will drop for the job with lower training requirements d. the wage rate will drop for the job with greater training requirements e. labor supply will increase for the job with lower training requirements
If a firm in a perfectly competitive market is producing at a level of output where marginal costs are less than marginal revenue, its profit:
A. must be positive. B. are maximized. C. will increase if it produces more. D. will increase if it produces less.
Number of workersUnits of output0012525539541255150
Refer to Table 5.2, which gives a firm's production function. Assume that all non-labor inputs are fixed. The marginal product of the fourth worker is:
A. 0 units. B. 10 units. C. 25 units. D. 30 units.