Assume that a traffic ticket attorney is no more productive today than he was 10 years ago but he is now earning 50% more in salary. How do you explain this apparent paradox?

What will be an ideal response?

Attorneys, like anyone else in the labor market earns a wage that is in line with his marginal revenue product, not his marginal productivity. Even if his productivity has been flat over the last 10 years the price of his services has probably gone up. Over time, as the economy expands, wages and incomes rise and people are likely to have a greater ability and willingness to pay more for these services.

Economics

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What is larger: M1 or M2? Why?

What will be an ideal response?

Economics

In a given year, ________ of smartphone or tablet owners will pay for any apps

A) only about one-third B) almost 90 percent C) about 75 percent D) less than 15 percent

Economics