A successful compensation scheme
A) must induce effort from workers and ensure that both employer and employees benefit.
B) must allow employees to participate in a firm's profits.
C) must pay workers with comparable skills a comparable wage.
D) must enable workers to enjoy a certain standard of living and must enable employers to earn a normal rate of return.
A
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The aggregate production function shows a(n) ________ relationship between ________ and output
A) decreasing; capital stock B) decreasing; labor C) constant; labor D) increasing; capital stock
Which of the following will benefit by an unexpected increase in inflation?
a. a union member with a COLA wage contract b. someone with a large stash of cash in a safe deposit box c. a bank lending money at a fixed rate of interest d. a person who is not due to receive a pay raise for another 11 months
Imagine an economy whose autonomous consumption is $100 billion and MPC is constant at 0.90 . Which of the following will shift the economy's consumption curve upward?
a. a tax increase b. higher capacity utilization rates c. higher national income d. lower wealth holdings e. expectations of higher inflation in the future
Suppose that the market for haircuts in a community is a perfectly competitive constant-cost industry and that the market is initially in long-run equilibrium. Subsequently, an increase in population increases the demand for haircuts. In the long run, we expect that:
Select one: a. more firms will enter the market, driving the price of haircuts up and the profits of individual firms back down to zero. b. firms will leave the market, driving the price of haircuts up and the profits of individual firms back down to zero. c. more firms will enter the market, driving the price of haircuts down and the profits of individual firms back down to zero. d. firms will leave the market, driving the price of haircuts up and the profits of individual firms