A wage payment system in a firm incorporates a guaranteed wage with an incentive element, provided that a certain minimum level of output is achieved. Which of the above graphs represents such a system?
A. 1
B. 2
C. 3
D. 4
C. 3
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In Graph C, if P1 moved to P2 which of the following would most likely happen?
a. The price of leather would decrease.
b. The price of leather would decrease, but the quantity of leather would increase.
c. The price of leather would increase, but the quantity of leather would decrease.
d. The quantity of leather would increase.
As a nation the United States has been
A. Consuming too much and saving too much. B. Consuming too little and saving too little. C. Consuming too much and saving too little. D. Consuming too little and saving too much.
Which of the following would increase the unemployment rate?
A) a law making it illegal to work more than 35 hours per week B) a cut in unemployment compensation C) an increase in unemployment insurance payments D) a decrease in the minimum wage
Because Federal Reserve Notes (paper currency) are legal tender,
A) U.S. creditors must accept them in payment of debts. B) U.S. workers must accept them as payment for labor services. C) U.S. firms must accept them as payment for goods and services. D) All of he above are correct.