If it is a cultural norm to believe that "a busy person is an important person," then we would expect the labor:
A. demand in that culture to be relatively greater at any wage.
B. supply in that culture to be relatively lower at any wage.
C. demand in that culture to be relatively lower at any wage.
D. supply in that culture to be relatively greater at any wage.
Answer: D
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Efficiency wages are:
A. wages deliberately set above the market rate in order to increase productivity. B. not a cause of unemployment. C. generally a disincentive for an employee to work hard to try to keep their job. D. All of these are true.
A national park is an example of a pure public good, since it is there for everyone to enjoy
Indicate whether the statement is true or false
Capital and labor can be ___________ or ___________ factors of production.
Fill in the blank(s) with the appropriate word(s).
During the worldwide recession of 2007-2009,
A) the Fed and the European Central Bank worked together. B) all countries coordinated macroeconomic policies. C) nations sacrificed some sovereignty. D) the IMF coordinated world economic policies.