In an environment of tournament pay, it is quite likely that marginally more productive employees will receive
a. less than their marginal revenue product, while less productive employees receive more than theirs.
b. more than their marginal revenue product, while less productive employees receive less than theirs.
c. more than their marginal revenue product, as do less productive employees.
d. less than their marginal revenue product, as do less productive employees.
B
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Consider an economy over the years 2008 and 2009. The output in the economy has remained constant over the two years but the prices of all goods and services have halved. In such a situation,
A) the real GDP of the economy stays the same over the two years. B) the nominal GDP of the economy remains the same over the two years. C) the real GDP of the economy increases over the two years. D) the nominal GDP of the economy increases over the two years.
Refer to Table 11-7. What is the variable cost of production when the firm produces 115 lanterns?
A) $1,556 B) $1,157 C) $956 D) $10.05
Nominal GDP is defined as the:
A. Value of output in current dollars. B. Dollar value of services but not goods. C. Output produced by domestically owned factors of production regardless of where the factors are located. D. Value of output in constant prices.
What were greenbacks?
a. paper currency issued by the Confederacy during the Civil War b. paper currency issued by the Union during the Civil War c. fiat money used by the Confederacy during the Civil War d. commodity money used by the Union during the Civil War