One reason why the lowest wage rate is not necessarily the same as the efficiency wage is that workers might:
A. Be more productive at a higher wage rate
B. Have more incentive to shirk at higher wage rates
C. Be tempted to switch jobs more frequently at higher wage rates
D. Be less inclined to work well at a higher wage rate
A. Be more productive at a higher wage rate
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To operate efficiently, an economy generally "needs" ________ unemployment
A) structural B) cyclical C) seasonal D) frictional
In the short run, total variable cost
A) includes the cost of capital. B) includes the cost of labor. C) includes both the cost of capital and of labor. D) does not change when production changes. E) is positive when output is zero.
The study of how people make decisions in situations in which attaining their goals depends on their interactions with others is called
A) oligopoly. B) competitive analysis. C) strategic analysis. D) game theory.
John Steinbeck's Cannery Row describes a character who takes his own life because of poor job prospects. If he was an unemployed person who gave up looking for work, he would be considered
a. chronically unemployed b. a discouraged worker c. a member of the labor force d. a Bureau of Labor Statistics economic casualty e. cyclically unemployed