Which of the following is an example of an efficiency wage?
a. an addition the government makes to some workers' wages in order to reduce poverty
b. an equilibrium wage paid to workers who work part time and so are exempt from the minimum wage
c. paying higher wages to workers doing dangerous tasks
d. an above equilibrium wage paid to workers to reduce shirking
d
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For a normal good, does the income effect reinforce the substitution effect or does it partly offset the substitution effect?
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In consumer lending, asymmetric information
A) happens only with securitization. B) cannot be dealt with using the same techniques as in business lending. C) can be partly offset using the same techniques as in business lending. D) may be virtually eliminated as a problem by just a collateral requirement.
If the average productivity of labor equals the marginal productivity of labor, then
A) the average productivity of labor is at a maximum. B) the marginal productivity of labor is at a maximum. C) Both A and B above. D) Neither A nor B above.