If I am paid a wage below my opportunity cost, I am being paid an efficiency wage
Indicate whether the statement is true or false
False
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If you overhear a group of people talking about their plans to save for their retirement and one of them says that it causes them to save more because, as they reason it, "if there wasn't Social Security I could never retire; there is, so I will and I need to save for that." You would attribute this to the
A. induced retirement effect. B. bequest effect. C. slovenly effect. D. asset substitution effect.
In the above figure, which wage rate will maximize union members' income?
A) W1 B) W2 C) W3 D) W3 - W1
Bureaus are
a. special-interest groups that try to influence legislators b. government agencies that implement legislation c. competing-interest groups that battle federal agencies d. collections of legislators who actively engage in logrolling e. a means of enforcing the median voter model in the decision-making process
A consumer who has a limited budget will maximize utility or satisfaction when the:
A. ratios of the marginal utility of each product purchased divided by its price are equal. B. total utility derived from each product purchased is the same. C. marginal utility of each product purchased is the same. D. price of each product purchased is the same.