An implicit contract refers to an understanding that the employer will try to keep wages from falling when the economy is weak or the business is having trouble, and the employee will not expect huge wage increases when the economy or the business is strong
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Goods X and Y. If the indifference curves are horizontal, then we can conclude that
Assume that good X is on the horizontal axis and good Y is on the vertical axis in the consumer-choice diagram. PX denotes the price of good X, PY is the price of good Y, and I is the consumer's income. Unless otherwise stated, the consumer's preferences are assumed to satisfy the standard assumptions. a. X does not affect the individual’s utility. b. Y does not affect the individual’s utility. c. both X and Y affect the individual’s utility. d. neither good affects the individual’s utility.
Suppose a report on the internet indicates that job prospects for graduates are bright because full employment is achieved automatically. Economists are likely to
a. be disappointed in the degree of economic understanding possessed by the author of the report b. be excited about the earning potential of new entrants into the labor market c. be anxious about inflationary indicators d. anticipate a recession e. encourage a tax cut to stimulate the economy
You decide to go skiing this weekend. It costs $50 for transportation, $50 for lodging, $30 for ski lift tickets and you could have earned $100 as a waiter at a job you love so much you would do it as a volunteer. What is the total cost of the ski weekend?
A. $100 B. $230 C. $130 D. $80
What does new technology generally do to production?
(A) It lowers cost and decreases supply. (B) It lowers cost and increases supply. (C) It has very little effect on production. (D) It increases cost and decreases supply.