Answer the following statements true (T) or false (F)
1. Commissions or royalties may be an inexpensive way of reducing shirking on a job when the costs of monitoring work performance are high.
2. Firms that pay efficiency wages tend to have higher worker turnover.
3. The marginal productivity theory of resource demand suggests that those resources whose productivity levels are high will end up getting a higher share of the economy's income.
4. Income from inherited wealth and property resources provides strong support for the marginal productivity theory of income distribution.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
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The ability of employers to increase their net revenue by paying low wages is limited primarily by
A) federal and state legislation. B) the fact that net revenue is maximized when marginal revenue equals marginal cost. C) the other opportunities available to employees. D) the right of labor unions to strike.
Which of the following is true of the MC curve?
a. It intersects the ATC curve at its minimum, but it does not intersect the AVC curve at its minimum. b. It intersects the AVC curve at its minimum, but it does not intersect the ATC curve at its minimum. c. It intersects both the ATC and the AVC curves at their minimums. d. It intersects both the ATC and the AFC curves at their minimums. e. It intersects both the AVC and the AFC curves at their minimums.
Are we passing the national debt burden on to our children?
If the government wants to raise tax revenue and shift most of the tax burden to the sellers it would impose a tax on a good with a:
a. flat (elastic) demand curve and a steep (inelastic) supply curve. b. steep (inelastic) demand curve and a flat (elastic) supply curve. c. steep (inelastic) demand curve and steep (inelastic) demand curve. d. flat (elastic) demand curve and a flat (elastic) supply curve.