Efficiency wages paid to workers:
A) equal the lowest pay that workers would accept.
B) are wages above the lowest pay that workers would accept.
C) equal the marginal revenue product of the workers.
D) are wages adjusted for changes in the price level.
B
Economics
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The expansionary monetary and fiscal policies of the 1960s resulted in ________ inflation rates and ________ rates of unemployment
A) high; high B) low; high C) high; low D) low; low
Economics
The "invisible hand" described by Adam Smith refers to the
a. allocative role of markets and market forces b. importance of government intervention and central planning c. actions of successful entrepreneurs in directing the economy d. role of monopolized industries in leading the nation e. value of religious belief in creating an ideal economy
Economics