Some policymakers claim that raising the minimum wage leads to higher employee morale and productivity. In this sense, an increased minimum wage would be operating like
A) an equilibrium real wage.
B) an efficiency wage.
C) a full employment wage.
D) a sticky wage.
B
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If we look at the nominal versus real wage rates paid to Presidents over time, we find that
A) the nominal wage has increased and decreased at different times because of inflation. B) George W. Bush's nominal wage is about equal to the average nominal wage paid all presidents. C) the real wage rate has steadily increased to $400,000 per year. D) George Washington was paid a higher real wage rate than Bill Clinton. E) George W. Bush is the highest paid according to real wage rates.
The process of rapidly adjusting prices based on information gathered on consumers' preferences and their responsiveness to changes in price is called
A) elasticity management. B) marketing. C) yield management. D) brand management.
When converting nominal values to real values, we divide by the __________ index.
a. base b. employment c. cost d. price
Transfer payments are included in
a. Gross Domestic Product b. Net Domestic Product c. National Income d. Personal Income e. Gross National Product