Which of the following indicates that the U.S. economy has become more stable since 1950?
A) less severe fluctuations in real GDP
B) longer recessions
C) shorter expansions
D) All of the above indicate that the U.S. economy has become more stable since 1950.
A
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Which of the following is not true regarding the incentives different pay structures impose on workers?
A. Piece rates are an option when individual output is easily measured by firms. B. Tournaments can elicit more effort than a time rate. C. Worker productivity is unrelated to the pay structure. D. Profit sharing is a pay structure designed to elicit more effort from workers, but it can suffer from free-riding. E. Worker effort can be a function of the pay structure.
Price fixing is an arrangement whereby firms agree to:
A. set price equal to marginal revenue. B. set price equal to marginal cost. C. set price equal to average total cost. D. coordinate their pricing decisions.