Initially a firm pays a wage and gets an output per worker which are given index numbers of 1.00. Five possible 5 percent increases in the wage and the accompanying output per worker are as follows:
1.05 and 1.09, 1.10 and 1.17, 1.15 and 1.24, 1.21 and 1.28, 1.27 and 1.31. What is the efficiency wage?
A) 1.05
B) 1.10
C) 1.15
D) 1.21
E) 1.27
C
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a. True b. False Indicate whether the statement is true or false
If the aggregate expenditure line has shifted downward, which of the following is the most likely cause?
a. There have been reports of good economic news. b. The Fed has conducted an open market sale of bonds. c. Income tax rates have been lowered. d. The Fed has conducted an open market purchase of bonds. e. Exports have increased.
Market power refers to the ability of a firm to set its product price
Indicate whether the statement is true or false
What measure of economic development is used most often to classify nations as industrially advanced or as developing?
A. Per capita income B. Life expectancy at birth C. Per capita energy consumption D. Daily per capita calorie supply