Which of the following arguments is not offered to explain the existence of "sticky" wages?
A. the explicit contract explanation
B. the relative-wage explanation
C. the fact that labor contracts don't exist
D. the social contract explanation
Answer: C
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Other things constant, when households decide to save more, the supply of credit ________ and interest rates ________
A) falls; rise B) falls; fall C) rises; rise D) rises; fall
The marginal product of labor is the
a. marginal revenue product minus the wage paid to the worker. b. total amount of output divided by the total units of labor. c. increase in the amount of output from an additional unit of labor. d. None of the above is correct.
To say that a given welfare program is means-tested implies that:
A. in order to qualify, one must have the means. B. the size of the payment reflects the mean value of consumption based on family size. C. the more income one earns, the smaller the size of the benefit. D. in order to qualify, one must show that one means to find a job.
If the quantity of housing supplied in a community is greater than the quantity of houses demanded, the existing price:
A) is above the market equilibrium price. B) will rise to clear the market. C) will either rise or remain unchanged. D) is below the market equilibrium price.