A survey recently indicated that being happy at work tends to make workers more productive. What can be a possible error of this conclusion?
What will be an ideal response?
The conclusion derived from the survey is likely to be a correlation rather than causation. In other words, saying that happiness causes workers to be productive can be a misleading conclusion. It is also likely that workers who are productive are happier because they are performing better than their colleagues. There can be other explanations to being happy at the work place. For example, if the job provides workers a good match for their skills, they will be happy to use their skills, which will make them more productive.
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Dana, a recent graduate with a degree in economics, turned down a job offer paying $50,000 a year and instead chose to become an entrepreneur. He borrowed $15,000 from a bank at a 10 percent interest rate and that was sufficient to pay for all his equipment, materials, and labor. Dana's accountant told him that the business generated a total revenue of $70,000 in the first year. How much of a
return on his entrepreneurial ability did Dana earn? a. $7,000 b. $20,000 c. $18,500 d. $50,000 e. $70,000
If the long-run Phillips curve shifts to the left, then for any given rate of money growth and inflation the economy has
a. higher unemployment and lower output. b. higher unemployment and higher output. c. lower unemployment and lower output. d. lower unemployment and higher output.
One likely result of a price ceiling is that:
A. a surplus of product would result. B. the price charged in the market would be above the equilibrium price. C. the price charged in the market would be the equilibrium price. D. the available product must be rationed.
The person least likely to receive a payment from a corporation in a year of losses is the
A. bondholder. B. preferred stockholder. C. common stockholder. D. bank that loaned money to the corporation.