What concept is associated with the notion that employers can get greater effort from workers by paying them a relatively high, above-equilibrium wage?
A. Profit sharing
B. Efficiency wages
C. Piece rate wages
D. Bonus or commissions
B. Efficiency wages
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Refer to Table 7-6. Which country has a comparative advantage in producing swords?
A) Estonia B) Morocco C) both countries D) neither country
Refer to Figure 2-13. What is the opportunity cost of producing 1 ton of coconuts in Guatemala?
A) 1/2 of a ton of pineapples B) 1 1/3 tons of pineapples C) 2 tons of pineapples D) 90 tons of pineapples
Exhibit 6-3 Marginal utility data for goods X and Y Units of good X Marginal utility ofgood X Units of good Y Marginal utility ofgood Y 1 20 1 14 2 16 2 12 3 12 3 10 4 8 4 8 5 4 5 6 As shown in Exhibit 6-3, assume that the price of good X is $1 per unit and the price of good Y is $2 per unit and your budget is $13. If you consume 4 units of good X and 2 units of good Y and maximize utility, you should consume:
A. neither X nor Y. B. more of X and less of Y. C. more of Y. D. more of both X and Y.
Consumers pay the part of a tax associated with a higher price for the product.
Answer the following statement true (T) or false (F)