In 1914, Henry Ford began paying his workers $5 per day, about twice the going wage. As a result, turnover and absenteeism fell and productivity and profits rose
a. True
b. False
Indicate whether the statement is true or false
True
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When applying the marginal principle, you should pick the level at which the activity's marginal benefit equals its marginal cost
Indicate whether the statement is true or false
The price of a gallon of gasoline in Bonland is $3.20. However, just before the election, the government decides to fix the price of gasoline at $2.80 per gallon. This is an example of a ________
A) positive externality B) negative externality C) price floor D) price ceiling
The arguments against the use of active stabilization policy include all of the following except:
a. the responsiveness of voluntary unemployment to changes in GDP. b. the existence of policy lags. c. weak macroeconomic forecasting abilities. d. the possibility of policy errors because of limited information.
Max is shopping for a new winter jacket. The salesperson explains that two coats have identical features-the Columbia jacket that costs $120, and the Burton jacket that costs $300. Max buys the Burton jacket. Burton jackets may be a good example of:
A. a normal good. B. an inferior good. C. a Veblen good. D. a Giffen good.