A Ferry Can Travel at an Optimal Speed of 8

question 17

Multiple Choice

A ferry can travel at an optimal speed of 8 km/h in still water measured relative to the shore. What is the optimal speed of the ferry, relative to the shore, if it moves perpendicular to a 6 km/h current?

• A)4 km/h
• B)8 km/h
• C)10 km/h
• D)14 km/h
• E)28 km/h

Interpret data on wage changes over time and across different education levels.

Recognize the role of non-measurable factors in wage determination.

Understand the concept of efficiency wages and their impact on labor market outcomes.

Explain the function and effects of education in the labor market according to different theories.

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Definitions:

Scarce Resources

Resources that are limited in availability and cannot satisfy all wants and needs due to their limited supply.

Economics

The social science that studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants.

Federal Government

The national government of a federated state, which holds the authority to govern at a level above individual states or provinces.

Opportunity Cost

The expense associated with missing out on the second-best choice while deciding among multiple possibilities.