Economists have found that union workers earn what percent more than similar nonunion workers?
a. 0 to 5
b. 5 to 10
c. 10 to 20
d. 20 to 30
c
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The labor demand and labor supply schedules are given in the table above. If a minimum wage of $9 per hour is imposed,
A) a surplus of 300 workers occurs. B) a shortage of 300 workers occurs. C) there is no surplus or shortage of workers. D) the quantity demanded is 1,000 workers. E) there is unemployment of 700 workers.
Governments, not markets, have the best record of allocating investment resources into those projects with the highest expected rate of return
Indicate whether the statement is true or false
An increase in the price level might cause:
A. a decrease in the quantity of aggregate demand because of the substitution effect. B. a decrease in the quantity of aggregate demand because of the interest rate effect. C. an increase in the quantity of aggregate demand because of the multiplier effect. D. an increase in the quantity of aggregate demand because of the money wealth effect.
If C(X) represents the total cost of activity X, then which of the following expressions best represents the marginal cost of activity X?
A. C(X) - C(X - ?X) B. (C(X) - C(X - ?X))/?X C. (C(X) - C(X - ?X))/X D. C(X - ?X))/?X