A majority of states have a minimum wage that is higher than the federal minimum wage.
Answer the following statement true (T) or false (F)
True
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Could an increase in urban bus fares eventually lead to an increase in the demand for bus service?
A) It could not do so, though it could lead to a reduction in the demand for bus service. B) It could not do so, though it would probably lead to a reduction in the quantity of bus service demanded. C) It might do so if increasing the demand for and price of downtown parking increased even more. D) It might do so by making the demand for bus service unit elastic. E) Only in cities where the demand for bus service slopes upward to the right.
Discuss the second welfare theorem. How can societies use competitive markets to achieve both efficiency and equity?
What will be an ideal response?
Which of the following is true? a. At the natural rate of unemployment, the economy is considered to be at full employment
b. At full employment, the economy is producing at its potential output. c. If unemployment is greater than its natural rate, the economy is producing at less than its potential output. d. All of the above are true.
Which of the following is not a component of the M1 money supply?
a. demand deposits b. large-denomination (more than $100) bills c. interest-earning checking deposits d. outstanding balances on credit cards