The reservation wage is the minimum wage rate that an unemployed worker must receive before employment is accepted

How does the text distinguish between coercion and persuasion?

A) Coercion uses force; persuasion uses reasoning. B) Coercion uses violence; persuasion is peaceful. C) Coercion cannot make everyone better off, but persuasion can. D) Coercion is evil, and persuasion is good. E) Coercion induces cooperation by threatening to reduce options, persuasion by promising to expand options.

Economic policy that appears to be ideal in an economics textbook may not be the final policy that is approved by elected politicians because

a. sometimes a politician's self interest may conflict with the national interest. b. economics professors have a notoriously low voting rate. c. only policies advocated by the President's Council of Economic Advisors receive enough national attention to interest politicians. d. Economists cannot explain why politicians do not implement the ideas from their textbooks.