Efficiency wages
a. increase productivity and reduce unemployment.
b. increase productivity but increase unemployment.
c. decrease productivity but reduce unemployment.
d. decrease productivity and increase unemployment.
b
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Consider the above figure. The curve shown is sometimes referred to as
A) the Laffer curve. B) the Ricardian curve. C) the Keynesian curve. D) the Phillips curve.
In the above table, what is the marginal factor cost of the 2nd worker?
A) $24 B) $14 C) $64 D) $12
Physicians salaries increased substantially over the decade 1995-2005 from an average of $215,000 to $315,000 . What is the best explanation for this?
a. Physicians were smarter in 2005 than in 1995. b. The supply of physicians has increased. c. The supply of physicians has decreased. d. The demand for physicians has increased. e. The demand for physicians has decreased.
Harry Truman is credited with the statement, "Give me a one-armed economist," because economists are likely to say, "On the one hand, . . . on the other hand." Why do economists "waffle" more than physicists or chemists?