A compensating wage differential is a wage premium paid in order to:
A) recognize a more efficient employee.
B) attract workers who have a family to support.
C) improve the goodwill of a firm hiring workers.
D) attract workers to otherwise undesirable occupations.
D
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Suppose that some teachers have decided that economic and financial uncertainty have made the prospect of retiring more risky, and therefore carry a higher cost than not retiring
By using all available information as they act to achieve their goals, these teachers are exemplifying the economic idea that A) people are rational. B) people respond to economic incentives. C) optimal decisions are made at the margin. D) equity is more important than efficiency.
In the four-part diagram used to construct the IS curve, a lower interest rate
A) has no effect on Y. B) has no effect on the position of the demand for autonomous planned spending curve. C) has no effect on the position of the IS curve. D) none of the above.
A monopoly's economic profits are represented by:
a. (price minus marginal cost) times number of units sold. b. (price minus average cost) times number of units sold. c. (marginal revenue minus price) times number of units sold. d. (marginal cost minus price) times number of units sold.
The maximum increase in the money supply possible from a deposit of $D into the banking system where R is the reserve requirement is
a. (1/R)(D ? R). b. R × D. c. (1/R)(1 ? R)D. d. (1/R)D.