The labor theory of value
A) is what economists believe determines prices today.
B) says that wages must always be greater than prices.
C) says that the price of a good is determined by the amount of labor required to produce it.
D) All of the above.
C
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Which of the following is considered an advantage of monetary policy compared to fiscal policy?
A. It is blunter and more politically obvious than fiscal policy B. It does not have any of the time lags of fiscal policy C. Its relative isolation from political pressure D. Its cyclical asymmetry
Imogene needs to hire a skilled worker to do some very difficult analysis work for her company. When she interviews, she talks only to individuals who have a graduate degree. What is the purpose of Imogene’s use of the education signal?
a. to lower her costs in finding a worker b. to allow any interested party to know about the job c. to let people know she is highly educated d. to prevent the lemon problem from discouraging applicants