When the economy goes into a recession and firms require less labor, managers tend to:
A. Reduce wages, to reflect the lower demand for labor
B. Avoid cutting wages, for fear of drops in worker-productivity
C. Lay off workers, and keep wages of remaining workers constant
D. Keep all of their workers, by spreading work more thinly
C. Lay off workers, and keep wages of remaining workers constant
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The Chicago Heights school district study found that
A) teachers have a low occurrence of moral hazard. B) students did much better with a teacher who received merit pay. C) adverse selection results among teachers with poor students. D) teachers did not response to pay incentives.
Completely flexible exchange rates are fairly self-explanatory, and hard pegs include dollarization and currency boards. These seem to be the extremes. Assuming free flow of capital, why do you think soft pegs are never used?
What will be an ideal response?
Refer to the diagram. Economists would argue that health care should be provided to patients in:
A. some amount less than Q 1 .
B. amount Q 1 .
C. some amount between Q 1 and Q 2 .
D. amount Q 2 .
A cottage industry exists in the home-manufacture of ‘country crafts'. Especially treasured are handmade quilts. If the fourth completed quilt took 30 hours to make, and the eighth quilt took 28 hours. What is the percentage learning?
a. 5% b. 6.7% c. 10% d. 100% e. 122%