Which of the following is not consistent with the ethics underlying the wage rate determined in a perfectly competitive labor market?
a. wage rate differentials between women and men, and between white and minority workers
b. workers should receive their MRP
c. noncompeting labor markets
d. competing labor markets
e. wage rate differentials between workers with different abilities and talents
A
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Suppose a wallet firm has been dumping its wastes into the local river. The government finds out and insists that the firm pay for the cost of the river cleanup. As a result, we can expect:
a. more wallets to be produced at a lower price. b. more wallets to be produced at a higher price. c. fewer wallets to be produced at a lower price. d. fewer wallets to be produced at a higher price. e. the same number of wallets to be produced at a higher price.
Which of the following is an example of government spending?
a. A state government investing in electric vehicles for its employees b. A state government importing twice as much oil this year than it did the previous year c. A public sector firm increasing its expenditure on advertisement d. A publicly traded firm selling one-third of its shares
Government purchases rise by $100 billion and the MPC equals 0.75. Assuming that idle resources exist at each expenditure round, and the multiplier is operative, the change in Real GDP equals
A) $40 billion. B) $75 billion. C) $400 billion. D) $750 billion. E) $250 billion.
Which of the following is an advantage of using money as a medium of exchange?
A) It simplifies purchases because all prices are specified in money values. B) There is no interest charged on using money for purchases. C) It is easy to mass produce money. D) It avoids having to rely on barter, the exchange of one good or service for another.