New Keynesian theories of efficiency wages imply
a. voluntary unemployment.
b. real wage rigidity.
c. changes in unemployment represent changes in the natural rate of unemployment.
d. market clearing in the labor market in the long-run.
e. None of the above
B
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A game in which each player has a dominant strategy of defecting, and each ends up worse off than if they had both cooperated, is called a ________ game
Fill in the blank(s) with correct word
When television commentators refer to "tax and spend" policy, they are referring to
A) monetary policy. B) the Federal Reserve policy. C) automatic stabilizers. D) fiscal policy.
The exchange efficiency condition holds:
A. if every pair of individuals has inverse marginal rates of substitution for every pair of goods. B. if every pair of individuals shares the same marginal rate of substitution for every pair of goods. C. if every pair of individuals consumes the same quantities of every pair of goods. D. if every pair of individuals have the same level of utility.
Research by Fogel and Engerman shows that, holding other factors constant, output per unit of total input was highest for Southern farms with:
a. no slaves. b. 1 to 15 slaves. c. 16 to 50 slaves. d. 50 or more slaves.