A minimum wage increase _________ the number of unemployed people.
A. may decrease
B. will decrease
C. may increase
D. will increase
D. will increase
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Refer to Figure 2-6. If the economy is currently producing at point A, what is the opportunity cost of moving to point B?
A) 6 thousand hammers B) 30 thousand wrenches C) 23 thousand hammers D) 8 thousand wrenches
From the manager's perspective:
A) it is important to treat implicit costs as explicit in order to make sound strategic decisions. B) implicit costs are simply a theoretical construct and should be ignored in the decision-making process. C) only explicit costs matter because accounting profit is based on explicit costs. D) there is no difference between implicit and explicit costs. As such, treating implicit costs as explicit would result in double counting and an overstatement of total costs.
A put option gives the seller the
A) right to sell the underlying security. B) obligation to sell the underlying security. C) right to buy the underlying security. D) obligation to buy the underlying security.
Recall the Application about the British experience with private water companies in the nineteenth century to answer the following question(s).Recall the Application. The British experience with water privatization showed that:
A. a single firm providing water will be profitable, but two firms will not. B. two or more firms providing water will be profitable, but a single firm will not. C. it does not matter how many firms provide water, as none will be profitable. D. it does not matter how many firms provide water, as all will be profitable.