According to the theory of efficiency wages, if a firm stops paying efficiency wages it is likely to see a(n)
a. increase in the number of job applicants and an increase in how long workers stay on the job.
b. increase in the number of job applicants and a decrease in how long workers stay on the job.
c. decrease in the number of job applicants and an increase in how long workers stay on the job.
d. decrease in the number of job applicants and a decrease in how long workers stay on the job.
d
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People will continue to use a common property until the marginal cost of using it equals
a. zero. b. the social marginal benefit from using it. c. the admission fee that a competitive firm would charge for its use. d. the value they receive, on average, from using it.
Refer to the game between James and Theodore depicted in Figure 12.1. Who has a dominant strategy?
A. Only James
B. Only Theodore
C. Both James and Theodore
D. Neither James nor Theodore
An example of a final good is:
A. chocolate used to make Cocoa Rice Krispies. B. chocolate chips purchased by Nabisco to make Keebler chocolate chip cookies. C. chocolate chips purchased by you to make chocolate chip cookies. D. chocolate chips purchased by a restaurant to make a chocolate chip cookie pie to sell.
Which of the following would be a consequence of the retirement of the internally held portion of the public debt?
A. A reduction in the nation's productive capacity B. A reduction in the nation's standard of living C. A redistribution of the nation's wealth among its citizens D. An increase in aggregate expenditures in the economy