To increase workers' incomes, the City of New York's government set a wage below which it is illegal for employers to pay employees. This wage is referred to as the
A) union wage.
B) government wage.
C) efficiency wage.
D) minimum wage.
E) city wage.
D
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The phrase "reversal of fortunes" refers to the fact that:
A) colonies that were existing in 1500, are now no longer colonies and are independent nations. B) areas that were relatively highly urbanized in 1500, are generally poorer today. C) colonies that were existing in 1500, have all recorded negative growth rate over the last century. D) areas that were relatively less urbanized in 1500, are generally poorer today.
Which of the following statements correctly identifies a similarity between monopoly and perfect competition?
A) Entry is restricted in both market structures. B) Price equals marginal cost in both market structures. C) Production is expanded until marginal revenue equals marginal cost in both the market structures. D) Firms face an upward sloping demand curve and a downward sloping marginal revenue curve in both the market structures.
Choose the letter of the diagram in Figure 36.2 that represents the shift in the foreign exchange market for dollars given the following situation, ceteris paribus: A sudden, unexpected surge in inflation in the United States causes reduced purchases of U.S. goods by foreigners.
A. a. B. b. C. c. D. d.
If the marginal cost of producing a public good is less than society's total willingness to pay per unit, then
A. the optimal amount of the public good is being produced. B. more than the optimal amount of the public good is being produced. C. the amount of output being produced could be either greater than or less than the optimal amount. D. less than the optimal amount of the public good is being produced.