Paying efficiency wages are a way for a company to cut costs and become more efficient, and are therefore lower than market wages
Indicate whether the statement is true or false
FALSE
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Institutions and laws, such as patent protection, that foster innovations lead to economic growth because they
A) give businesses loans to buy new machinery. B) give confidence to consumers that the products they buy are safe. C) allow the government control of the innovations. D) give confidence to inventors that they will profit from their innovation.
The existence of an inflationary gap would tend to benefit most
A. bankers. B. retired persons. C. unemployed workers. D. stock owners.
If two goods are complements, their cross-price elasticity will be
a. positive. b. negative. c. zero. d. equal to the difference between the income elasticities of demand for the two goods.
As the economy falls from the peak to the trough of the business cycle:
A. Inflationary pressures should increase as unemployment rises. B. Cyclical unemployment should increase and real GDP should decline. C. Frictional unemployment should fall because people find jobs more quickly. D. Structural unemployment will be eliminated.