In an Economy in Which the Skills, Preferences, and Motivations

question 21

Multiple Choice

In an economy in which the skills, preferences, and motivations of workers vary widely, equality of wage rates would

• A) lead to shortages and surpluses of resources and the use of involuntary methods of achieving work participation.
• B) result in a variety of product prices, but overall GDP would be unaffected.
• C) be efficient if the wages were fixed at a high enough level.
• D) reduce the productive incentives of high-skill workers, an effect that would be offset by the increased work effort of low-skill workers.

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