Which of the following points out that even if most workers were hypothetically willing to see a decline in their own wages in bad economic times as long as everyone else also experiences such a decline, there is no obvious way for a decentralized economy to implement such a plan?
a. efficiency wage theory
b. relative wage coordination argument
c. adverse selection of wage cuts
d. insider-outsider model
b. relative wage coordination argument
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On average, people in high-income countries ________ than people in low-income countries
A) are exposed to more severe diseases B) are subject to a higher infant mortality rate C) have a shorter life expectancy D) are taller
A labor-intensive method of production is one that:
A) requires employees to work harder than they would in other occupations. B) relies exclusively on labor. C) relies on large quantities of labor and smaller quantities of capital equipment. D) combines a small but sophisticated labor force with a large amount of capital.
The United States is one of the least marketized economies in the world
a. True b. False Indicate whether the statement is true or false
The U.S. government
a. intervenes to prevent the monopolization of any market. b. forbids the creation of legal impediments to entry into any market. c. intervenes to prevent the monopolization of some markets and actively encourages the monopolization of others. d. encourages the permanent monopolization of all markets in which the monopolist has technical superiority over potential competitors.