Minimum-wage laws, unions, and efficiency wages contribute to
a. both structural unemployment and the natural rate of unemployment.
b. neither structural unemployment nor the natural rate of unemployment.
c. structural unemployment, but not the natural rate of unemployment.
d. the natural rate of unemployment, but not structural unemployment.
a
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For social surplus to be maximized, the ________ buyers are actually making a purchase and the ________ sellers are selling the products
A) lowest-value; highest-cost B) highest-value; lowest-cost C) highest-value; highest-cost D) lowest-value; lowest-value
If the United States, at the point where it is currently producing, must give up the production of 500 bicycles (B) to produce 20 additional tractors (T) with the same resources, the opportunity cost of producing 100 bicycles is _______ tractor(s).
A) 1 B) 4 C) 25 D) 100
Implicit cost is the opportunity cost of the inputs that do not require monetary payment.
Answer the following statement true (T) or false (F)
Corporations are required to pay dividends.
Answer the following statement true (T) or false (F)