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Unformatted text preview: e explanation of unemployment. D) relative-wage explanation of unemployment. Answer: B Diff: 2 Topic: Explaining the Existence of Unemployment Skill: Conceptual AACSB: Reflective Thinking 17) Which of the following arguments is NOT offered to explain the existence of "sticky" wages? A) the social B) contract explanation the relativeC) wage explanation the fact that D) labor contracts don't exist the explicit contract explanation Answer: C Diff: 1 Topic: Explaining the Existence of Unemployment Skill: Definition 18) When a firm pays higher wages for its workers to improve workers' productivity, the firm pays A) sticky wages. B) flexible wages. C) efficiency D) wages. minimum wages. Answer: C Diff: 1 Topic: Explaining the Existence of Unemployment Skill: Definition 19) Which of the following is NOT a reason why firms pay efficiency wages? A) to reduce B) turnovers to abide by C) minimum wage laws to improve D) morale to reduce shirking of work Answer: B Diff: 1 Topic: Explaining the Existence of Unemployment Skill: Conceptual AACSB: Reflective Thinking Refer to the information provided in Figure 14.3 below to answer the questions that follow. Figure 14.3 20) Refer to 14.3. Assume that the productivity of workers increases as the wage rate increases. The efficiency...
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