Which of the following is best considered an implicit contract?
A) A union contract that specifies hourly wages and fringe benefits.
B) A union contract that specifies how overtime wages will be calculated.
C) An informal agreement between a firm and its employees to reduce hours of work for everyone a little bit during an economic contraction in order to prevent firing anyone.
D) A firm offering health insurance to all of its workers in order to abide by the Affordable Care Act.
E) A historical agreement between a firm and its employees that the firm pays workers based on a combination of age, experience, and education.
Correct Answer:
Verified
Q20: An important development during the Great Recession
Q21: If the intertemporal substitution hypothesis is correct,
Q22: The sectoral shifts hypothesis claims that
A) cyclical
Q24: Which one of the following statements regarding
Q25: Which is not a likely explanation as
Q26: In 2012, the likelihood of experiencing a
Q27: From 1980 through 2005, unemployment rates have
Q27: The Phillips Curve relates
A) the unemployment rate
Q28: The short-run Phillips curve is _, while
Q29: The natural rate of unemployment is higher
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