Large income differences will be eradicated if the market mechanism is working well.
Answer the following statement true (T) or false (F)
False
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Janet calculated the GDP growth rates for France between 2012 and 2013. Using 2012 prices for both years, GDP increased 5 percent. Using 2013 prices for both years, GDP increased 1 percent
Hence the chained-price method will calculate that between these years, real GDP increased by A) 3 percent. B) 4 percent. C) 1 percent. D) 5 percent. E) 6 percent.
Many people argue against increasing the minimum wage because they believe the result would be increased unemployment. Which of the following best summarizes this argument? A higher minimum wage would
a. increase the supply of labor while decreasing the demand for labor b. decrease the supply of labor while increasing the demand for labor c. increase the quantity supplied of labor while decreasing the quantity demanded of labor d. decrease the quantity supplied of labor while increasing the quantity demanded of labor e. increase the supply of labor while decreasing the quantity demanded of labor
People who do not work because of physical disability are officially classified as:
a. in the labor force. b. unemployed. c. not in the labor force. d. discouraged worker.
U.S. public utilities are often: a. perfect competitors
b. created through patent protection. c. regulated natural monopolies. d. employee-owned public enterprises.