Wages that are above the wage that workers would accept, where the premium is paid to increase worker productivity, are referred to as:
A) wage floors. B) wage ceilings.
C) efficiency wages. D) productivity wages.
C
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Which of the following gives rise to a positive externality?
A) Sudden increase in the price of oil due to a supply shock B) Sudden increase in the demand for diamonds leading to an increase in their price C) Deforestation leading to the extinction of many species D) Consumption of a drug to cure a communicable disease
The United Auto Worker (UAW) would best be classified as
A) a craft union. B) an industrial union. C) a guild. D) closed shop union. E) none of the above
If the fractional reserve system were to cease to exist, the banking system would be able to create money
Indicate whether the statement is true or false
As the price of a good rises:
A. firms generally decrease the supply of the good. B. government regulation becomes more justified. C. more firms can cover their opportunity cost of producing the good. D. firms generally increase the supply of the good.