When employers pay an efficiency wage above the market equilibrium wage, this will likely result in
a. a surplus of labor.
b. no unemployment.
c. an increase in the number of people employed.
d. an decrease in the quantity of labor supplied.
a
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If the slope of the consumption schedule is 0.75, then the slope of the saving schedule is
A. 0.75. B. 1.25. C. 0.25. D. not possible to determine from the data.
Refer to Table 26-5. Suppose the table above illustrates the values of real and potential GDP and the price level if the Fed does not vote to change their current policy to be more contractionary or expansionary
Suppose that the Fed uses an appropriate policy and is successful in keeping real GDP at potential in 2017. State whether each of the following will be higher or lower than if the Fed had taken no action: a. Real GDP b. Potential real GDP c. The price level d. The unemployment rate
Depositors lack of information about the quality of bank assets can lead to
A) bank panics. B) bank booms. C) sequencing. D) asset transformation.
Suppose that Ron paid a scalper (a seller in the black market for tickets) $300 for a ticket to see the Rolling Stones and his true willingness to pay was $500. We can be sure that
a. the ticket scalper extracted all the possible consumer surplus from Ron b. Ron's consumer surplus was low because he paid more than face value for the ticket c. Ron's consumer surplus was the $60 face value of the ticket d. Ron's marginal-utility-to-price ratio for the concert was extremely high compared to that for other goods e. Ron enjoyed $200 of consumer surplus from the purchase