Which component of employee compensation has grown most rapidly in recent decades?
A) net interest income
B) benefits
C) transfer payments
D) wages and salaries
E) net factor income
B
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An economic system is said to be a
a. market economy if there is substantial central planning. b. traditional economy if it relies on extensive market trading. c. market economy if it relies on self-interested behavior and incentives. d. command economy if it relies on long-standing practices.
A Nash equilibrium occurs when
A) each firm is doing the best it can given its opponents' actions. B) each firm chooses the strategy that maximizes its minimum gain. C) a player can choose a strategy that is optimal regardless of its rivals' actions. D) there is no dominant firm in a market.
A firm's net income is also its
A) economic profit. B) balance sheet. C) accounting profit. D) opportunity cost.
Firms in imperfectly competitive markets are
A. more efficient than firms in perfectly competitive industries. B. price makers. C. completely inefficient. D. price takers.