In the United States, the wage floor legislated by government below which it is generally illegal to pay workers is known as
A) the minimum wage.
B) the wage ceiling.
C) the employment gap.
D) the going wage.
Answer: A
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If productivity growth accelerates, but workers do not realize it ________
A) they will expect large wage hikes B) they will not expect large wage hikes C) the natural rate of unemployment will rise D) the number of discouraged workers will rise
Which one of the statements is true? a. Diminishing returns is a long-run concept while decreasing returns to scale is a short-run concept
b. Diminishing returns is a short-run concept while decreasing returns to scale is a long-run concept. c. Diminishing returns is a both short and long-run concept while decreasing returns to scale is a short-run concept. d. Diminishing returns is a long-run concept while decreasing returns to scale is a short and long-run concept.
It is possible to observe a positive nominal interest rate together with a negative real interest rate
a. True b. False Indicate whether the statement is true or false
Explain how to derive the demand for an input.
What will be an ideal response?