Economists will always reach the same conclusion in their positive analyses.
Answer the following statement true (T) or false (F)
False
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The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, what is true?
A) The lowest wage for which someone is willing to work is $18 an hour. B) The quantity of jobs increases to 400. C) The lowest wage for which someone is willing to work is $20 an hour. D) 200 workers are employed. E) The quantity of jobs demanded is more than the quantity supplied.
What arguments can be made in favor of product differentiation and advertising?
What will be an ideal response?
The price elasticity of demand for labor equals
A) the percentage change in the price of labor divided by the percentage change in the supply of labor. B) the change in the quantity demanded of labor divided by the change in the price of labor. C) the slope of the demand curve for labor. D) the percentage change in the quantity demanded of labor divided by the percentage change in the price of labor.
Currently, total government expenditures in the United States have totaled about:
a. one-tenth of GDP. b. one-fifth of GDP. c. 40 percent of GDP. d. one-half of GDP.