The evidence on how minimum wage laws affect the real world:
A. shows clearly that such price floors cause unemployment.
B. is mixed.
C. shows clearly that there is simply a transfer of surplus from employer to worker.
D. None of these statements is true.
Answer: B
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If the ratio of the dollar price of a U.S. toy to the dollar price of a Chinese toy is less than one:
A) retailers in the U.S. should buy the toys from both Chinese suppliers and American suppliers. B) retailers in the U.S. should not buy the toys from both Chinese suppliers and American suppliers. C) retailers in the U.S. should buy the toys from Chinese suppliers. D) retailers in the U.S. should buy the toys from American suppliers.
The share of corporate tax in total federal revenues
A) has declined over the past few decades to a relatively low level. B) is larger than the other components of federal revenue. C) has grown significantly in each of the past 10 years. D) is the smallest of all the components of federal tax revenue.
Health insurance typically pays for most preventive care procedures in all of the following countries except
A) the United States. B) Canada. C) Japan. D) the United Kingdom.
Natural monopolies are of theoretical, but not practical interest.
Answer the following statement true (T) or false (F)