Which of the following is a positive economic statement?
A) People should not buy imported fruits and vegetables.
B) The government should subsidize solar power for homeowners.
C) The minimum wage law causes unemployment.
D) The number of work visas should not be limited by the government.
Answer: C
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In the African nation of Senegal, to enroll in school a child needs a Birth Certificate that costs $25 . This price is several weeks' income for many families. Explain how this requirement is likely to affect the growth of human capital in Senegal
What will be an ideal response?
U.S. antitrust laws are designed to prohibit monopolization and encourage competition. Why, then, does the government erect barriers to entry and create monopoly power by granting firms patents?
What will be an ideal response?
The Lorenz curve demonstrates:
A. inequality visually; the more linear the curve, the less inequality exists. B. inequality visually; the more linear the curve, the more inequality exists. C. average income levels per capita; the more linear the curve, the less inequality exists. D. average income levels per quintile; the more linear the curve, the more inequality exists.
The banking system creates additional money by making loans equal to total reserves.
Answer the following statement true (T) or false (F)