• Business Ethics Study Guide
    diffuses the allegations with the fact that despite workers’ having little to none alternatives, sweatshops pay employees the same, if not more, than the local companies. His final cause introduces the belief that in some situations, it is possible that paying works above market wage is unethical...
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  • Economics Text Book Chapter Summaries
    business hires fewer unskilled workers and more specialists than in years past. And in a tight labor market, businesses are finding that they need to pay higher wages, even to entry-level employees, to find good workers and retain them. Between 1997 and 2004, the most recent year for which the...
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  • Economic Test Bank
    workers from other occupations. B) lower wages will be needed to increase employment. C) higher wages will enable some workers to afford more leisure. D) the labor demand curve is downsloping. Answer: A Type: A Topic: 2 E: 524-525 MI: 280-281 16. The market supply curve for labor is upsloping because...
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  • Economics Full Course
    is just equal to the wage that has to be paid! The equilibrium wage rate is set in the market for those particular workers, where supply equals demand. Any firm has to pay the going rate to get the necessary workers. The firm could chose to pay more than that, but this means it would be paying...
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  • Notes
    stores have more monopoly power. Question: Do convenience stores have higher profits than supermarkets? Designer jeans • Ed = -3 to -4 • Price 33 - 50% > MC • MC = $12 - $18/pair • Wholesale price = $18 - $27 SOURCES OF MONOPOLY POWER Why do some firm’s have considerable monopoly power, and others have...
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  • Global Competition and Comparative Advantage
    suggest that it does at least in certain special cases; however, I have my doubts, if for no other reason than what Paul Samuelson was saying, leaving aside for the moment the stagnant wage issue, which has more to do with distribution than anything else. The United States is still a rising ship. Why...
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  • Cao Wen
    overcome some of these problems. Asymmetric Information When some people in the market have better information than others, the people with the least information may choose not to participate in a market. To see why this is so, suppose someone offers to sell you a box full of money. You do not know...
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  • Economics
    Depression) and inflation was a major problem in the 1970s and early 1980s. This question is about wages, about whose rigidity and flexibility Classical economists and Keynes argued for long. Why are real wages likely to be more flexible downwards than money (or nominal) wages? © Copyright Virtual...
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  • Information System Used by Kmart
    . It doesn’t help with their workers’ motivation because everyone is given the same amount of goods and the same standard of living. For example, a hard working citizen will not get any benefits from work because they cannot increase their standard of living any greater than it currently is and they...
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  • Macro Economic
    cannot be wiped away from the economy since people are always moving from one job to the other. They believed more on the reduction/control of inflation than unemployment. In their view, an unguided expansion of money supply coupled with sticky wages and increases in unemployment benefits is the cause...
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  • Varian Solution
    everyone prefers x to y, will the Borda count rank x as socially preferred to y? Explain your answer. Yes. If everybody ranks x ahead of y, then everyone must give x a higher rank than y. of the ranks of y. (c) Suppose that there are two voters and three candidates, x, y, and z. Suppose...
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  • Applications of Demand and Supply Microeconomics
    force. * Is less effective than other methods (e.g. the Earned Income Tax Credit) at reducing poverty, and is more damaging to businesses than those other methods. Discourages further education among the poor by enticing people to enter the job market. 2) Price Ceiling Defining Price...
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  • Answer Key - Fund. of Management Chpt 1-7
    probability to the various alternatives considered and choose the decision with the highest probability of a beneficial outcome 7. Why do you think organizations have increased the use of groups for making decisions? When would you recommend using groups to make decisions? Answer: More organizations...
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  • Research Notes
    words, as price goes up (the vertical axis), Second Time is willing to make more sofas in order to make a larger profit. There might be other factors involved, which is why the phrase “all other things being equal” must be used. However, if a business can make more money by producing more of some good...
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  • Book
    have seen so far, innovations take place with the same average frequency in all intermediate sectors. In reality, however, some sectors are persistently more innovative than others. A major reason for this difference among sectors has to do with their size. Other things equal, it is more...
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  • Gov Stuff
    . They can’t get any money without taking away some of yours. THREE FUNDAMENTAL QUESTIONS Every market must answer three basic questions: MICROECONOMICS Microeconomics models individual behavior to analyze markets as a whole. Conclusions about markets are then extended to the economy as a...
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  • Macro Is Da Bom
    outsiders and would prefer wages to be lower (so that labor demand would be high enough for them to get jobs). Efficiency-wage theories hold that high wages make workers more productive:  attract higher quality job applicants  increase worker effort and reduce “shirking”  reduce turnover, which...
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  • Economics Review
    tax revenue to fully fund the war effort; to make up this difference, the colonies decided to print more money. Printing money to cover expenditures is sometimes referred to as an "inflation tax." Who do you think is being "taxed" when more money is printed? Why? 15. Imagine that you are a...
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  • Micro Economics
    if people get a higher wage they will work more. But what if your wage went from $10 an hour to $1000 an hour? Would you really work more? Might you not decide to work fewer hours and use some of the money you’ve earned to do other things? What if your wage were $1,000,000 an hour? Wouldn’t you work...
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  • Preliminary Lecture Notes for a Micro Course Based on Microeconomics 8ed by Pindyck & Rubinfeld
    spent to obtain the use of that factor. An upward supply curve of labor => at the equilibrium wage some workers are obtaining a wage that is greater than needed to get them to work. (See figure 14.11) Land rent can be calculated on a vertical supply function (see figure 14.12). This maximizes...
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