The theory of efficiency wages asserts that
a. employers set wages based on each employee's productivity.
b. employers strive to hold wages below equilibrium levels.
c. employers may find it profitable to pay above-equilibrium wages.
d. efficient workers actually earn lower wages than those earned by inefficient workers.
c
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The relationship between industrial capacity percentage and
A. the unemployment rate is indirect. B. the unemployment rate is direct. C. real GDP is indirect. D. nominal GDP is indirect.
The GDP of Country X in a particular year was $820,000. If the value added by U.S
workers in the production of various goods and services in Country X during that year was worth $150,000 and the value added by the workers of Country X in the production of various goods and services in other countries during that year was worth $130,000, the GNP of Country X during that year was ________. A) $1,140,000 B) $135,000 C) $8,235,000 D) $800,000
When firms charge different prices to different consumers for the same good or service, it is referred to as ________
A) price bias B) shadow pricing C) predatory pricing D) price discrimination
The table below describes the value added in the production of a gallon of gasoline by each stage of production
(The values are hypothetical.) a) What is the value added by each stage of production? b) What is the total value added? For simplicity, you can ignore the cost of the inputs for oil drilling.