A minimum wage law is predicted to produce
a. higher unemployment among young and inexperienced workers.
b. higher unemployment among all workers.
c. lower unemployment among young and inexperienced workers.
d. increased hiring of young and inexperienced workers.
a
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In a perfectly competitive market, firms take:
a. the money wage as exogenous, the price level as endogenous. b. the money wage and price level as exogenous, the quantity of labor as endogenous. c. the money wage and price level as endogenous. d. the quantity of labor as exogenous.
Which of the following would hold true for all oligopolies?
A. Oligopolies sell a differentiated product B. Oligopolies sell a large share of the market C. Oligopolies face a horizontal demand curve D. Oligopolies sell a product for which there are no close substitutes
YearReal GDP (in billions of 2005 Dollars)Population (in Millions of People)1999$10,780279.632000$11,226282.4 Refer to Table 9.1. What was the growth rate of real GDP between 1999 and 2000?
A. 2.6% B. 1.1% C. 4.1% D. 3.0%
Barriers to entry might include all of the following EXCEPT
A. positive economic profits. B. government franchise. C. ownership of essential resources. D. patents and copyrights.