Protectionism is the view that free trade is ________ and should be ________.
A. inevitable; allowed
B. harmful; restricted
C. helpful; encouraged
D. illegal; forbidden
Answer: B
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An increase in labor supply will cause, other things the same ________
A) real wages and employment to rise B) real wages to fall and employment to rise C) real wages to rise and employment to fall D) real wages and employment to fall
Suppose a consumer only purchases food and clothing, and food is plotted along the horizontal axis of the consumer's indifference map
If the price of clothing increases and the price of food and income do not change, then the budget line changes by rotating: A) counter-clockwise about the fixed vertical axis intercept. B) clockwise about the fixed vertical axis intercept. C) counter-clockwise about the fixed horizontal axis intercept. D) clockwise about the fixed horizontal axis intercept. E) none of the above
The federal minimum wage law seeks to
a. maximize employment for low wage occupations. b. shift employment from low wage to high wage industries. c. create a floor for wages. d. index wages to the CPI.
The major advantage of a market economy is that
a. it maximizes the need for resource-flow data b. prices convey most of the information necessary to coordinate economic activity among firms c. data are aimed at central planners d. prices are essentially meaningless e. All of the answers are correct