Suppose you borrow $2,000 for one year and at the end of the year you repay the $2,000 plus $110 of interest. If the expected inflation rate was 2.2% at the time you took out the loan, what was the real interest rate you paid?

On user market demand side:

What will be an ideal response?

An efficiency wage is designed to

A) keep the minimum wage from falling. B) keep the minimum wage from rising. C) to induce more employment. D) decrease the need for workers to search for jobs. E) induce more work effort.