This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The rate at which one currency can be traded for another is called the A) terms of trade. B) ... (Read 134 times)

futuristic

  • Hero Member
  • *****
  • Posts: 638
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?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

al

  • Sr. Member
  • ****
  • Posts: 344
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

  • Member
  • Posts: 638
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

samiel-sayed

  • Member
  • Posts: 337
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

Did you know?

Bacteria have been found alive in a lake buried one half mile under ice in Antarctica.

Did you know?

Most childhood vaccines are 90–99% effective in preventing disease. Side effects are rarely serious.

Did you know?

If you could remove all of your skin, it would weigh up to 5 pounds.

Did you know?

There are more nerve cells in one human brain than there are stars in the Milky Way.

Herbert Spencer (1820–1903), sometimes called the second founder of sociology, coined the term ... Herbert Spencer (1820–1903), sometimes called the second founder of sociology, coined the term ...
Spring force, crankcase pressure, and intake manifold vacuum work together to regulate the flow rate ... Spring force, crankcase pressure, and intake manifold vacuum work together to regulate the flow rate ...
With the research technique called brainbow, each neuron is labeled with a different color, ... With the research technique called brainbow, each neuron is labeled with a different color, ...
Factors That Affect Your Basal Metabolic Rate Factors That Affect Your Basal Metabolic Rate
What rate, compounded once every 3 years, is equivalent to 9% effective rate? What rate, compounded once every 3 years, is equivalent to 9% effective rate?
Compute the rate of discount allowed on a rotor-tiller that lists for $341.00 and is sold for ... Compute the rate of discount allowed on a rotor-tiller that lists for $341.00 and is sold for ...
Video: Hydrogen bonds - role in the body

For a complete list of videos, visit our video library