Which of the following statements is not correct?
a. Some firms pay wages that are above the equilibrium wage.
b. Workers sometimes form labor unions to push their wages up.
c. Wages never deviate from the balance of supply and demand in the market for labor.
d. The federal government mandates that employers pay their workers at least as much as the minimum wage.
c
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Refer to Table 11-2. What is the marginal product of the 4th worker?
A) 230 bushels B) 57.4 bushels C) 50 bushels D) 12.4 bushels
Workers who deal with information are generally referred to as
A) non-productive workers. B) production workers. C) knowledge workers. D) migrant workers.
Explain the circumstances under which some component of labor income is economic rent.
What will be an ideal response?
If Japan seeks to control its exchange rates so that ¥100 = $1, which of the following policies should it NOT maintain?
a. interest rates that provide the same return as alternative international rates b. a stable rate of price level changes that will not cause currency depreciation or appreciation c. a willingness to raise interest rates when its currency begins to depreciate d. a willingness to raise price levels