Minimum-wage laws and unions are similar to each other but different from efficiency wages in that minimum-wage law and unions
a. cause unemployment, but efficiency wages do not.
b. cause the quantity of labor supplied to exceed the quantity of labor demanded, but efficiency wages do not.
c. cause wages to be above the equilibrium level.
d. prevent firms from lowering wages in the presence of a surplus of workers.
d
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In the United States, the unemployment rate for women is typically ________ than it is for men, and the typical woman earns ________ than typical man earns
A) higher; more B) higher; less C) lower; more D) lower; less
If a buyer in an economic transaction has more information than the seller, the buyer benefits at the expense of the seller. This phenomenon is due to
A) moral hazard. B) economically irrational behavior. C) gains from trade. D) adverse selection.
The fact that banks operate on a "sequential service constraint" means that
A) all depositors share equally in the bank's funds during a crisis. B) depositors arriving last are just as likely to receive their funds as those arriving first. C) depositors arriving first have the best chance of withdrawing their funds. D) banks randomly select the depositors who will receive all of their funds.
Which of the following best represents management's objective(s) in utilizing demand analysis?
a. it provides insights necessary for the effective manipulation of demand b. it helps to measure the efficiency of the use of company resources c. it aids in the forecasting of sales and revenues d. a and b e. a and c