Employers may choose to pay their workers a wage that exceeds the equilibrium wage according to
a. efficiency-wage theories.
b. equilibrium wage theories.
c. screening theories.
d. signaling theories.
a
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In the long run,
A) unemployment is at its natural rate. B) GDP > potential GDP. C) LRAS and SRAS lie on the same line. D) the inflation rate is zero.
Consider a country that produces only two goods: pineapples and tractors. Suppose it is possible for this country to increase its production of pineapples without producing fewer tractors. In this case, its current output combination is inefficient
Indicate whether the statement is true or false
In an idealized laissez-faire world, the distribution of products is
A. the most efficient. B. the most fair. C. purely random. D. unpredictable.
A comparative advantage in the production of oil is held by
A. Australia.
B. the United States.
C. both countries.
D. neither country.