A classic early example of efficiency wages came in ________
A) Nazi Germany
B) 1973 with the increase in OPEC-determined oil prices
C) 1914 at the Ford Motor Company
D) 1890 with the Sherman Antitrust Act
C
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In the above figure, CBL is the cost of breaking the law. If it is illegal to buy and sell, then the price per unit will be
A) $500. B) $400. C) $300. D) $200.
If a country has a fixed exchange rate, it:
A. has a value that is set by the government. B. allows for more predictability and stability. C. helps attract foreign investment and gives businesses that depend on overseas trade more confidence to invest. D. All of these statements are true.
A rational consumer should not consume more of a good when
a. total utility is decreasing b. marginal utility is diminishing c. one unit has already been consumed d. income is decreasing e. the price increases
The distribution of income in a market economy is determined by the minimum wage laws
a. True b. False Indicate whether the statement is true or false