Legislators facing a close electoral contest will tend to favor
A) policies with benefits greater than costs for everyone.
B) policies with benefits greater than costs for the majority.
C) policies with benefits in the near future and deferred costs.
D) policies representing the public interest.
Ans: C) policies with benefits in the near future and deferred costs.
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Wage differences can be explained by all of the following except
A) economic discrimination. B) differences in marginal revenue products. C) compensating differentials. D) comparable worth.
In 2007, the government spent over $140 billion on transportation, with nearly ______ percent of this amount being spent on the highway system
a. 5 b. 10 c. 35 d. 80 e. 95
The reservation wage is
A) the wage that an employer must pay workers to reduce turnover to a reasonable level. B) the wage that ensures a laid-off individual will wait for re-hire, rather than find another job. C) the lowest wage firms are allowed by law to pay workers. D) the wage offer that will end a labor-strike. E) none of the above
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.