If a minimum wage law is passed imposing a price floor above the equilibrium price of unskilled labor and employers increasingly used efficiency wages, it would ___ structural unemployment and ____ the natural rate of unemployment:
a. Increase; increase
b. Increase; not change.
c. Not change, increase.
d. Do none of the above.
a
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An increase in labor productivity relates to
A) working harder over time. B) working longer over time. C) producing the same output with fewer labor hours. D) producing the same output with more labor hours.
If Taco Bell determines that the demand for its food is elastic, Taco Bell should raise its price to increase its total revenue
Indicate whether the statement is true or false
Suppose Winston's annual salary as an accountant is $60,000, and his financial assets generate $4,000 per year in interest. One day, after deciding to be his own boss, he quits his job and uses his financial assets to establish a consulting business, which he runs out of his home. To run the business, he outlays $8,000 in cash to cover all the costs involved with running the business, and earns revenues of $150,000. What are Winston's implicit costs?
A. $64,000 B. $72,000 C. $4,000 D. $60,000
If there is a negative externality associated with the production of chewing gum, then the most efficient allocation of resources in gum production occurs at the intersection of the
a. demand curve and the private cost curve b. demand curve and the externality curve c. demand curve and the social cost curve d. social cost curve and the private cost curve e. private cost curve and the externality cost curve