The efficiency wage theory argues that the productivity of workers increases:
a. when they are paid more
b. when they are provided on-the-job training.
c. with age and experience.
d. when they are allowed to participate in internal decision making.
a
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If the share of population employed in two countries is the same, average living standards will be higher in the country with:
A. lower average labor productivity. B. higher average labor productivity. C. the smaller population. D. the larger population.
The Phillips curve shows the relationship between the rate of inflation and the rate of growth of real GDP
a. True b. False Indicate whether the statement is true or false
The FDIC raises its funds by _____________.
Fill in the blank(s) with the appropriate word(s).
If real disposable income increases, the average propensity to save will
A) decrease. B) increase. C) remain constant. D) initially increase, and then decrease.