Discuss the impact of efficiency wages on unemployment and wage inflexibility
Because the efficiency wage rate is greater than the equilibrium wage rate, the quantity of labor that would be willingly supplied is greater than the quantity of labor demanded, resulting in greater amounts of unemployment. However, aside from creating some additional unemployment, the efficiency wage could also cause wages to be inflexible downward.
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Which of the following categories accounts for about one-third of the total spending of state and local governments?
a. Community development b. Health and sanitization c. Education d. Transportation
When organizing a collective action, it is generally true that the larger the group the:
A. higher the costs and benefits per person. B. lower the costs and benefits per person. C. higher the costs and lower the benefits per person. D. lower the costs and higher the benefits per person.