A wage profile rises because
A) employees become more productive over time.
B) employees become less productive over time.
C) managers are better able to monitor employees.
D) increases in the minimum wages push up other wages.
A
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Modern work in economic history by people like Robert Fogel (1964) and Albert Fishlow (1965) shows
(a) that railroads were the indispensable key to rapid economic growth in the 19th century. (b) that the levels of Gross National Product (GNP) reached in 1890 would have been reached in 1880 had it not been for reckless railroad speculation. (c) that less than 5% of the country's late 19th-century economic growth was attributable to railroads. (d) none of the above.
When will a shortage occur in a market?
a. When the actual price is lower than the equilibrium price b. When quantity supplied is greater than the equilibrium quantity c. When the quantity that consumers are willing and able to purchase decreases d. When the quantity available at zero price is insufficient to meet demand e. When a price floor is set in the market
Which of the following would be added to U.S. national income?
A. An American consumer buying French wine B. An American business selling aircraft to British Airways C. A Swedish firm selling mobile phones to Americans D. A French firm buying a Swedish cellular phone
Explain the economic assumption that "people are rational."
What will be an ideal response?