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In 1914, Ford Motor Company doubled its wage to $5 per day, a rate that was considerably above the average wage at that time.
a. In terms of efficiency wages, explain why Ford would have had an incentive to do this.
b. What data would you look for to determine whether Ford’s wage increase was successful in achieving its goals?
The principal-agent problem arises when the interests of owners and workers diverge. because of diminishing marginal returns. when the interests of owners and workers converge. because of the profit incentive.
As long as all resources are fully employed and every firm in the economy is producing its output using the best available technology, the result will be efficient.”Do you agree or disagree with this statement? Explain your answer.
Determine the direction of comparative advantage and the limits to the relative wage rate A and B are the countries, the products are S and T and A has s=6 and T=2, and B has S=15 and T=12
If consumption increases by $12 billion when real disposable income increases by $15 billion, what is the value of the MPC What is the relationship between the MPC and the MPS If the MPC increases, what must happen to the MPS
(a) What marketing research did Vivian Callaway execute (b) What were the critical questions that she sought research and expert advice to get answers to (c) How did this affect the products marketing mix price, promotion, packaging, and distributi..
Is a high degree of market concentration a boon or threat to consumers? Explain. Use either the allocative efficiency or dynamic efficiency arguments.
Further, assume that the countries have similar resource endowments and that, initially, they are not trading with each other. Therefore, each of the countries has to produce both rice and tea for its citizens. Suppose that, in the no-trade situat..
Discuss and explain wage determination in a labor market in which workers are unorganized and many companies actively compete for the services of labor.
Analyze the proposals for reform in the current K-12 system and determine which single proposal would be the most likely to succeed. Explain your rationale. evaluate the effectiveness of No Child Left Behind.
1. Explain the difference between general-equilibrium models and partial-equilibrium models. How are the numbers of endogenous and exogenous variables related to whether a model is a partial-equilibrium or general-equilibrium model?
The local government of a city is concerned about increasing rental costs for residents, and decides to impose a ceiling price on the maximum rents that can be charged by landlords on apartments and houses.
Why have the prices of pocket calculators of DVD players fallen? What do you think has happened to the costs and economic profits of the firms that make these products?
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