A workers income depends mostly on the __________ of the goods and services he or she produces.

Scheduled maintenance: Saturday, September 10 from 11PM to 12AM PDT

Home

Subjects

Solutions

Create

Log in

Sign up

Upgrade to remove ads

Only ₩37,125/year

• Flashcards

• Learn

• Test

• Match

• Flashcards

• Learn

• Test

• Match

Terms in this set (31)

Firefighters are paid less than professional baseball players because there is a higher ___________ firefighters than great baseball players.

supply of

In 2018, photographers in the United States averaged an income that was about $9,000 lower than the national average. Which of the following are possible factors that could have reduced the market value of photographers? (choose all that apply)

being a photographer is a desirable job
Photography doesn't require years of expensive education.

The average annual income for lawyers in 2018 was $144,230, well above the national average. Which of the following are possible reasons their income was so high? (choose all that apply)

Becoming a lawyer requires many years of expensive education and training
A limited number of individuals are talented enough to become lawyers

A worker's income depends mostly on the __________ of the goods and services he or she produces.

market value

When someone improves their skills through education or experience, it's known as a(n) ___________ in human capital.

investment

According to Hazlitt, what is the central function of unions?

to ensure all their members are paid the true market value of their services

According to Hazlitt, which of the following are ways that labor unions have worked against productivity? (choose all that apply)

They've insisted on promotion based on seniority instead of merit
They've insisted on the same hourly wage for all their members regardless of differences in productivity.
They've insisted on rigid subdivisions of labor
They've insisted on hiring additional workers who aren't needed at all.
They've opposed the introduction or improvement of machinery.

Hazlitt argues that wages are determined by labor productivity. What does he say is the reason that workers, in most cases, are paid their full economic worth?

Employers compete over employees, driving up their wages

In a market economy, what determines the market value of labor?

supply and demand

Cashiers had an average income of only $23,270 in 2018, well below the national average. Which of the following would likely increase the market value of cashiers in the future?

People reduce their online shopping, which leads to thousands of new retail stores being opened.

If fewer fans watched baseball games, what would happen to the market value of top baseball players?

The market value would decrease.

Demand for a good, service, or resource that is a consequence of demand for something else is called _______ demand.

derived

If demand for college education decreases, what will happen to demand for professors?

demand for professors will decrease

According to Hazlitt, a universal increase in wages might give workers a larger slice of a smaller economic pie, but it's very unlikely that this slice would be greater in _________ size.

absolute

According to Hazlitt, what is the best wage rate for labor?

the wage that permits full production and full employment

According to Hazlitt, what is the most likely result of the price of labor being forced above or below its equilibrium level?

a reduction in the volume of employment and production

God's plan for work can be boiled down to several purposes. What are they? (choose all that apply)

to provide for the necessities of life
to create satisfaction through a job well done
to serve God

Which verse says, "In the same way, let your light shine before others, so that they may see your good works and give glory to your Father who is in heaven"?

Matthew 5:16

Work is a(n) ______ from God.

gift

Which verse says, "If anyone is not willing to work, let him not eat"?

2 Thessalonians 3:10

Genesis 2:15 says, "The Lord God took the man and put him in the garden of Eden to ____ it and keep it."

work

Money that has value in itself is called ____________.

commodity money

Which of the following are characteristics of money? (choose all that apply)

divisibility, acceptability

An exchange of goods and services for other goods and services without using money is called ________.

barter

What is the characteristic of money that states it must maintain the same shape, size, and value?

uniformity

Gold and silver coins were once commonly used as money around the world. What type of money are gold and silver coins?

commodity money

This type of financial institution restricts membership to a certain set of customers, such as military families.

credit union

If you deposit $100 into a savings account, about how much of that deposit does the bank have to keep in reserve?

$10.00

This type of financial institution is used by most Americans and includes large companies such as Wells Fargo and Bank of America.

commercial bank

The system in which only a percentage of deposits are kept in reserve and available for withdrawal is called ___________ reserve banking

fractional

This type of financial institution brings together buyers and sellers of different investments and facilitates the exchange of those investments.

brokerage firm

MACRO - Exam 2

79 terms

katelynhamilton220

Exam 1 Econ 4020

135 terms

cfulwiler

Econ test 3 answers

44 terms

s143312

Econ Final

35 terms

jessicadimulias0

ECON QUIZ 4

41 terms

Aspen_Angel

Test 4 econ

60 terms

majesticowover

economics test review

56 terms

misscuppycake8

econ module 16 (in order)

37 terms

Jstratton0345

The United States Constitution and Bill of Rights

62 terms

misscuppycake8

The Constitution and Bill of Rights: Part II

19 terms

misscuppycake8

personal finance quiz 1

69 terms

misscuppycake8

government quiz 1

10 terms

misscuppycake8

ECONOMICS

Open-end equity mutual funds find it necessary to keep a significant percentage of total investments, typically around 5% of the portfolio, in very liquid money market assets. Closed-end funds do not have to maintain such a position in “cash-equivalent” securities. What difference between open-end and closed-end funds might account for their differing policies?

Verified answer

ECONOMICS

At the downtown office of First National Bank, there are five tellers. Last week, the tellers made the following number of errors each: 2, 3, 5, 3, and 5. a. How many different samples of 2 tellers are possible? b. List all possible samples of size 2 and compute the mean of each. c. Compute the mean of the sample means and compare it to the population mean

Verified answer

ECONOMICS

Use the information in the chart below to write a rough draft of an essay. $$ \begin{matrix}\mathrm{\scriptstyle Global \ Economic \ Organizations}\\\end{matrix} $$ $$ \begin{matrix} & \mathrm{\scriptscriptstyle World \ Trade} & \mathrm{\scriptscriptstyle G-8} & \mathrm{\scriptscriptstyle International}\\ & \mathrm{\scriptscriptstyle Organization} & \mathrm{\scriptscriptstyle Countries} & \mathrm{\scriptscriptstyle Monetary \ Fund}\\\mathrm{\scriptscriptstyle Membership} & \mathrm{\scriptscriptstyle Entrance} & \mathrm{\scriptscriptstyle Top \ eight} & \mathrm{\scriptscriptstyle Finances}\\ \mathrm{\scriptscriptstyle characteristics} & \mathrm{\scriptscriptstyle granted} & \mathrm{\scriptscriptstyle industrialized} & \mathrm{\scriptscriptstyle supported}\\ & \mathrm{\scriptscriptstyle by \ vote \ of} & \mathrm{\scriptscriptstyle nations} & \mathrm{\scriptscriptstyle by \ members}\\ & \mathrm{\scriptscriptstyle existing}\\ & \mathrm{\scriptscriptstyle member}\\ & \mathrm{\scriptscriptstyle countries}\\\mathrm{\scriptscriptstyle Function} & \mathrm{\scriptscriptstyle Establishes} & \mathrm{\scriptscriptstyle Summit} & \mathrm{\scriptscriptstyle Provides}\\ & \mathrm{\scriptscriptstyle agreements} & \mathrm{\scriptscriptstyle meetings \ allow} & \mathrm{\scriptscriptstyle monetary}\\ & \mathrm{\scriptscriptstyle on \ lowering} & \mathrm{\scriptscriptstyle members \ to} & \mathrm{\scriptscriptstyle services}\\ & \mathrm{\scriptscriptstyle or \ abolishing} & \mathrm{\scriptscriptstyle discuss} & \mathrm{\scriptscriptstyle and \ loans \ in}\\ & \mathrm{\scriptscriptstyle tariffs \ on \ a} & \mathrm{\scriptscriptstyle international \ issues} & \mathrm{\scriptscriptstyle attempts \ to}\\ & \mathrm{\scriptscriptstyle global \ level} & & \mathrm{\scriptscriptstyle stabilize}\\ & & & \mathrm{\scriptscriptstyle global \ trade}\\\mathrm{\scriptscriptstyle Countries} & \mathrm{\scriptscriptstyle 145 \ as} & \mathrm{\scriptscriptstyle United \ States,} & \mathrm{\scriptscriptstyle 184 \ as}\\\mathrm{\scriptscriptstyle involved} & \mathrm{\scriptscriptstyle of \ 2005} & \mathrm{\scriptscriptstyle Japan, \ France,} & \mathrm{\scriptscriptstyle of \ 2005}\\ & & \mathrm{\scriptscriptstyle Germany, \ Italy,}\\ & & \mathrm{\scriptscriptstyle Great \ Britain,}\\ & & \mathrm{\scriptscriptstyle Russia, \ Canada}\\\end{matrix} $$

Verified answer

ECONOMICS

Pennsylvania and Illinois each have state income taxes of about 3 percent of income. In Illinois, the first $2,000 of individual income is exempt from taxation. Pennsylvania has no similar individual tax exemptions. Is one state's tax more progressive than the other? Why or why not? (You'll learn more about tax exemptions in Section 2.)

Verified answer

Lower Gastrointestinal System Ch 15 Test

72 terms

daeri92

TD3- exercices

10 terms

Whinter_snowPLUS

English Quotes

36 terms

Thomas_POLIZZIPLUS

SQL Quiz Chapter 15

10 terms

Zhiyichichi

QUESTION

A fundamental problem in economics is that human beings:

15 answers

QUESTION

When the price of his cable TV increased, Michael switched to satellite TV. This illustrates

8 answers

QUESTION

Movement along a supply curve shows that a consistent relationship exists between:

2 answers

QUESTION

When one nation can produce a product at lower cost relative to another nation.

2 answers

Which verse says if anyone is not willing to work let him not eat quizlet?

Why do workers with more human capital earn a higher wage than workers with less human capital?

Which of the following are characteristics of money Choose all that apply?

Which recent president argued that Henry Ford increased his workers wages so that they'd be able to buy the cars that they produced quizlet?