7. The theory of efficiency wages
Why might some firms voluntarily pay workers a wage above the market
equilibrium, even in the presence of surplus labor?
Check all that apply
PROBLEMS AND APPLICATIONS
1. Problems and Applications Q1
In 2014, the Bureau of Labor Statistics (BLS) announced that of all adult Americans,
146,305,000 were employed, 9,617,000 were unemployed, and 92,025,000 were
not in the labor force.
What is the adult population?
What is the unemployment rate?
2. Problems and Applications Q2