In the above figure, a(n) ________ would be set ________
A) effective minimum wage; above $6.00.
B) union wage; above $9.00 but would not affect the natural rate of unemployment.
C) efficiency wage; below $9.00
D) efficiency wage; above $6.00.
E) efficiency wage; above $9.00 and would increase the natural rate of unemployment
E
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The typical firm in many industries has become ________ over the past 100 years, and efficiently organizing production has become ________
A) larger; easier B) larger; more difficult C) smaller; easier D) smaller; more difficult
Which statement is true?
A. The highest paid professional athletes earn economic rent. B. Economic rent is paid on land, but not in the form of wages. C. Economic rent is earned mainly by the poor and the lower middle class. D. Economic rent is paid in proportion to the marginal revenue product of a resource.
The ECB has the following mandates, EXCEPT:
A) use interest rates to implement the policy of price stability. B) use monetary policy to fulfill objectives of the European Union community. C) not be under the jurisdiction of any other European Union institution. D) finance deficits of member countries when needed.
In the expenditure approach to GDP, which of the following would be excluded from measurements of GDP?
A. Government payments for goods produced by foreign firms B. Government payments for welfare C. Government payments for goods produced by firms owned by state or local governments D. All government payments are included in GDP.