The fact that some people will work hard to earn a lot of money while others will be content with much less income indicates that
a. worker preferences are an important source of earning differentials.
b. skill levels of laborers are a minor consideration in wage rate determination.
c. economics ranks one set of worker preferences as more desirable than another.
d. some people can be paid less for doing hard work while others have to be paid a premium for doing a similar task.
a. worker preferences are an important source of earning differentials.
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Expectations of asset values by participants in financial markets
A) are not possible to model, given the current state of economic knowledge. B) determine market prices, but are not related to changes in market prices. C) generally do not change. D) determine current market prices and changes in market prices.
As the real interest rate in the domestic loanable funds market increases,
a. the cost of purchasing goods and services during the current period will decline. b. the net inflow of capital from abroad will increase. c. the inflationary premium will rise, and the money rate of interest will decline. d. the inflationary premium will fall, and the money rate of interest will rise.