Which of the following is not true about taste for work?
a. Everyone ends up in her or his most preferred job
b. The transaction costs of job information and of changing jobs may prevent some desirable matchups
c. Workers seek jobs in a way that tends to minimize the disutility of work
d. Economists argue that your preferences are stable and you supply more labor to jobs you like
e. Economists do not try to explain how work preferences develop
A
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Currency substitution means
(a) use of money instead of barter. (b) use of countertrade instead of money. (c) use of foreign exchange instead of domestic currency. (d) all of the above. (e) none of the above.
"Expansionary fiscal policy is always 100 percent effective when the short-run aggregate supply curve is horizontal." Is this statement TRUE?
A) yes, because theoretically nothing else can offset the effects of fiscal policy B) yes, when the long-run aggregate supply curve is horizontal too C) no, because crowding out could take place D) no, because the increased spending may cause the price level to increase
In the United States, the federal minimum wage in early 2016was:
A. $7.25 per hour. B. $6.50 per hour. C. $8.00 per hour. D. $7.73 per hour.
Some firms in the technology sector have achieved economies of scale because costs have been reduced by:
A. network effects. B. fair-return pricing. C. price discrimination. D. rent-seeking.