A firm may pay efficiency wages in an attempt to
a. reduce incentives to shirk.
b. reduce turnover.
c. attract a well-qualified pool of applicants.
d. All of the above are correct.
d
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Absolute advantage is irrelevant, because knowing the absolute number of labor hours required to produce a good does not tell us if we can benefit from trade
a. True b. False Indicate whether the statement is true or false
A person who chooses ________ the labor force reveals that either leisure or the value of nonpaid labor is worth ________ to him or her than the value that society places on his or her potential product in the market.
A. to stay in; more B. not to be in; more C. to enter; more D. to exit; less
In the long run, the representative firm in monopolistic competition tends to have
A. economic profits B. no product differentiation. C. a perfectly elastic demand curve. D. excess capacity.
Since it does not have to be converted into anything else to make purchases, ________ is the most liquid asset
A) money B) stock C) artwork D) gold