To help with motivation, long-term productivity, and retention, firms with internal labor markets tend to offer all of the following except
A. benchmark competitive wages.
B. efficiency wages.
C. pay based on job seniority.
D. internally based promotion systems.
Answer: A
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Adverse selection is
a. when people act differently because they are insured b. when more risk averse people want to be insured more c. when people at a greater risk want to be insured more d. when your guess at a test question is wrong
The shapes of the total product and marginal product curves are related because
a. an increase in total product pulls marginal product up. b. marginal product gives the slope of total product. c. marginal product increases as total product increases. d. the marginal product curve lies above the total product curve.
Assuming that the marginal utility of wealth diminishes implies that
A) you have more total utility with $100 than with $1,000. B) you have more total utility with $1,000 than with $1,001. C) an additional dollar increases your total utility more if you only have $100 than if you have $1,000. D) an additional dollar does not increase your total utility regardless of your wealth.
More than 70 percent of national income is attributed to
a. compensation of employees b. rental income c. corporate profit d. net interest e. proprietors' income