Which of the following is an example of an efficiency wage?
a. a high wage paid to compensate for dangerous work such as coal mining
b. an above-equilibrium wage offered by a firm to attract a more talented pool of job applicants
c. a wage below the minimum wage but supplemented by customer tips
d. a high wage paid to a college graduate for a high-skill job such as electrical engineering
b
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The ________ is the interest rate that banks charge each other for overnight loans
A) spot interest rate B) discount window interest rate C) federal funds rate D) subsidized banking interest rate
For a ____, if incomes rise and prices do not change, quantity demanded will increase.
A. normal good B. inferior good C. Giffen good D. substitute good
Concentration ratios are generally computed for ________ markets
A) local B) regional C) national D) global
The expected real interest rate (re) in terms of the nominal interest rate (R) and the expected inflation rate (?e) is given by
A) re = ?e + R. B) re = 2?e + R2. C) re = ?e + R2. D) re = R - ?e. E) re = R2 - ?e.