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Author Question: The rate at which one currency can be traded for another is called the A) terms of trade. B) ... (Read 121 times)

futuristic

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on: Jun 29, 2018
The rate at which one currency can be traded for another is called the
 
  A) terms of trade. B) exchange rate. C) transfer rate. D) coupon rate.

Question 2

What factors can push the real wage rate above its equilibrium level? Briefly explain each factor.
 
  What will be an ideal response?


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al

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

The three factors that can push the real wage rate above the equilibrium wage rate are efficiency wages, the minimum wage, and union wages. An efficiency wage is a wage rate that is set by a firm above the equilibrium wage rate. The idea is that the firm's workers will work hard in order to keep their jobs because they know that if they are fired the (equilibrium) wage they are likely to get at a new job will be less than the efficiency wage. The minimum wage is a government regulation that sets the lowest legal wage. If the minimum wage is set above the equilibrium wage rate, the equilibrium wage rate becomes illegal. Finally, a union wage is a wage rate that results from bargaining between a firm and a labor union. Typically the labor union can negotiate a wage rate that exceeds the equilibrium level in a competitive market.


futuristic

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Reply 2 on: Jun 29, 2018
Gracias!

olderstudent

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Reply 3 on: Yesterday
Excellent

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