University of Utah
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To pay piece rates in order to elicit effort, it must be the case that Correct Answer-the firm can monitor individual worker output. 
 
Suppose a firm overpays its workers at the start of the job, and then the firm slowly lowers wages over time until eventually the firm pays the workers considerably less than the worker's marginal product of labor. What prevents this "reverse of a delayed-compensation scheme" from being implemented? Correct Answer-Workers would leave the job as soon as the fi...
In 2017, approximately what percent of adults in the United States had not graduated from high school? Correct Answer-8%. 
 
In 2017, approximately what percent of adults in the United States had received more education than a high school degree? Correct Answer-67%. 
 
Which group tends to have the highest unemployment rate in the United States? Correct Answer-Blacks. 
 
Labor force participation rates tend to: Correct Answer-Increase with education for both men and women. 
 
Present value calcu...
Opportunity Cost Correct Answer-The cost of a good measured by the alternative uses that are foregone by producing the good. 
 
Accounting Cost Correct Answer-The actual cost paid for inputs 
 
Economic Cost Correct Answer-The amount required to keep an input in its present use or the amount that input would be worth in its next best alternative use. 
 
Labor Costs Correct Answer-Costs involving the compensation of employees for their labor 
 
- Wage payments are an explicit costs 
-Wage rate is...
The demand curve shows... Correct Answer-the quantities that buyers are willing to purchase at different prices. 
 
A supply schedule shows Correct Answer-the quantities of a good that producers are willing to provide at different prices 
 
A market is said to be in equilibrium when ... Correct Answer-the quantity demanded equals the quantity supplied. 
 
Suppose we observe that as the price of lettuce increases from $1 to $2 per head, consumers buy only half the number of heads of lettuce. This...
Globalization Correct Answer--increasing interaction of people, companies, states or countries 
 
-through the growth of international flows of people, culture, money, goods and ideas 
 
-in the economic sphere it's also called international economic integration 
 
Globalization: First Wave Correct Answer-- (< WWI) 
-New technologies 
-Transportation costs DOWN 
--Steam-powered ships, railroads, telegraph... 
--Also had large flows of goods and FDI 
 
Globalization: Second Wave Correct Ans...
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