A worker's "real" wage is related to:
a. his productivity in the workplace.
b. the value of his production to his employer.
c. the nation's absolute advantage in production of that product.
d. his productivity in the workplace, the value of his production to his employer, and the nation's absolute advantage in production of that product.
Answer: d. his productivity in the workplace, the value of his production to his employer, and the nation's absolute advantage in production of that product.
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The market where borrowers obtain funds from savers is referred to as the:
A) capital market. B) exchange market. C) spot market. D) credit market.
How would a new excise tax affect the supply curve?
(A) It would probably cause the supply curve to shift to the left. (B) It would probably cause the supply curve to shift to the right. (C) The effect cannot be determined without knowing the amount of the tax. (D) It would not change the supply curve, because it would only move price.