Efficiency wage theory suggests that
A) workers will be paid less than their reservation wage.
B) productivity might drop if the wage rate is too low.
C) the government can only set tax rates so high before people will prefer not to work.
D) unskilled workers will have a lower turnover rate than skilled workers.
E) firms will be more resistant to wage increases as the labor market tightens.
B
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How can improvements in statistical analysis of financial data cause the amount of information in financial markets to decline?
What will be an ideal response?
The Medicare pay-as-you-go system is jeopardized by
a. an overly generous fee schedule that pays physicians more than private insurance for most procedures. b. the changing demographics of the U.S. population with an increasing percentage over the age of 65 c. a reliance on the premiums paid by the elderly themselves to fund a majority of the total cost of the system. d. allowing physicians to balance bill their patients. e. the rising costs of long-term care.
Which of the following is considered human capital?
a. the ingredients a chef uses to prepare meals b. the pots and pans and other tools a chef uses to prepare meals c. the financial capital a chef uses to start his own restaurant d. the skills a chef learns when attending a class about cake decorating
In 1961, President Kennedy committed the United States to a manned lunar mission by the end of the decade. Few thought it could actually be done, but of course it did, with five months to spare. This story might illustrate a __________ growth theory argument that technological change __________
A) new; can be deliberately accelerated B) new; relies on government policy C) neoclassical; can be deliberately accelerated D) neoclassical; relies on government policy