Efficiency wages are:
A. wages deliberately set above the market rate in order to increase productivity.
B. generally a disincentive for an employee to work hard to try to keep their job.
C. not a cause of unemployment.
D. All of these are true.
Answer: A
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The short-run effect of an increase in the supply of money is
A) an increase in the price level, a decrease in real Gross Domestic Product (GDP), but an increase in nominal national income. B) an increase in the price level but not in real Gross Domestic Product (GDP). C) an increase in both real Gross Domestic Product (GDP) and the price level. D) an increase in real Gross Domestic Product (GDP) but not in the price level.
Refer to the table above. If the market is perfectly competitive, what is Buyer 3's consumer surplus?
A) $0 B) -$1 C) $1 D) $2
Along a straight-line demand curve, the
A. slope is constant. B. ratio P / Q constantly changes. C. elasticity grows much smaller toward the right-hand end. D. All of the responses are correct.
A firm increased its production and sales because the firm's manager rearranged the layout of his factory floor. This is an example of
A) positive technological change. B) inspired management. C) investment in human capital. D) economies of scale.