The theory of internal wage structure predicts that worker pay will come closest to the value of their marginal product if
A. they work in an environment that has intensive workplace interaction.
B. their work allows them to do most of their work at home.
C. the worker is a research chemist rather than a real estate sales agent.
D. they work at a job that is unskilled.
Answer: B
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Contingent contracts
A) are inefficient when monitoring is possible. B) equally divide the risk between principal and agent. C) can be used when monitoring is not reasonably possible. D) put the risk on the principal.
The law of diminishing marginal returns is seen in the
A) calendar year. B) short run. C) long run. D) market horizon.
Suppose that a study is released stating that as people increase the number of times they brush their teeth each day, they increase the number of times they go to the gym each week. This is best described as an example of
A. positive correlation. B. negative correlation. C. positive causation. D. negative causation.
The real exchange rate is
A. the price of one currency in terms of another. B. the difference in interest rates between two countries. C. the price of domestic goods relative to foreign goods. D. the quantity of gold that can be purchased by one unit of currency.