Marginal productivity theory would suggest that
A) all workers should be paid the same wage.
B) higher productivity will increase the market wage of an individual.
C) labor demand will have no impact on the wage paid.
D) workers cannot do anything to improve their wage prospects for the future.
B
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Congress passed the Freedom to Farm Act in 1996. What was the purpose of this Act?
A) to encourage more people to become farmers B) to phase out the use of price ceilings in agricultural markets C) to phase out price floors and return to a free market in agriculture D) to grant free land to farmers in order to produce crops that were particularly scarce
In an open economy, there should be a
a. close positive relationship between investment and savings. b. a close positive relationship between trade deficits and investment. c. a negative relationship between trade deficits and savings. d. a positive relationship between a country's savings rate and higher domestic interest rates.
When the R2 of a regression equation is very high, it indicates that
A) all the coefficients are statistically significant. B) the intercept term has no economic meaning. C) a high proportion of the variation in the dependent variable can be accounted for by the variation in the independent variables. D) there is a good chance of serial correlation and so the equation must be discarded.
Cameron can spend the afternoon playing golf, driving his boat, or cleaning his house. Although he enjoys golf, he sometimes becomes frustrated when playing. He decides to enjoy a more relaxing afternoon on his boat. Cameron never thought about cleaning the house but did give golf some serious consideration. Cameron's opportunity cost of taking his boat out was:
A. a dirty house from deciding not to clean it. B. the enjoyment he would have gotten from playing golf. C. a dirty house and not playing golf. D. enjoying a relaxing day on the lake.