A firm uses an efficiency wage scheme to deter workers from shirking, which is detected 10% of the times. Suppose a risk-neutral worker that has a reservation wage of $500. The efficiency wage paid by this firm is $7,000. What is the industry ongoing wage?

Which of the following events opened the way for rapid and steady technological changes that underpinned modern economic growth?

A) The Agricultural Revolution B) The Industrial Revolution C) The American Civil War D) Demographic transition in the Western world

The current U.S. average tariff rate is

A) less than 5 percent. B) greater than 10 percent. C) approximately 20 percent. D) over 50 percent.