Which of the following is an example of an efficiency wage?
a. a high wage paid to compensate for dangerous work such as coal mining
b. an above-equilibrium wage offered by a firm to attract a more talented pool of job applicants
c. a wage below the minimum wage but supplemented by customer tips
d. a high wage paid to a college graduate for a high-skill job such as electrical engineering
b
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In recent years, the national debt was about 120 percent of the U.S. GDP
a. True b. False Indicate whether the statement is true or false
The slope of an indifference curve at all points reflects
a. the terms by which the consumer can trade off goods in the market. b. the relative prices of the two goods. c. the willingness of the consumer to trade one good for another. d. consumer income relative to the price of a good. e. the relative price ratio of the two goods.