In the efficiency wage model, an increase in productivity would
A) increase output but decrease the real wage.
B) decrease the real wage but have no effect on output.
C) increase output but have no effect on the real wage.
D) have no effect on either output or the real wage.
C
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Which of the following would be included in the calculation of the GDP for the year 2010?
a. Purchase of a 2004 model Volkswagen sedan in 2010 b. Swapping of baseball cards among two college students c. Car repairs done by a person d. Fresh lemonade sold at a local diner e. A lamp sold at a garage sale
If Country A produces 7,000 units of goods and services using 700 hours of labor, and if Country B produces 5,500 units of goods and services using 500 units of labor, then productivity is lower in Country A than in Country B
a. True b. False Indicate whether the statement is true or false