Minimum wage
What will be an ideal response?
When a price floor is applied to labor markets
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Exhibit 14-2 Cigarette smoking dataJack enjoys smoking, while Jill fears that second-hand smoke will shorten her life. The following table shows the value Jack places on each cigarette he smokes, and the value Jill places on her shortened life. Use the table to answer the following question(s): Quantityof cigarettes Total value to Jackof cigarettes Days of life lost Total value to Jillof days lost 1 $ 50 1 $ 30 2 90 2 60 3 120 3 90 4 140 4 120 5 150 5 150 As shown in Exhibit 14-2, if non-smokers have a right to a smoke-free environment, and smokers have the right to negotiate, how many days of life will Jill lose?
A. 0. B. 1. C. 3. D. 5.
Which round of GATT led to the formation of the WTO?
What will be an ideal response?
Which of the following is NOT a deficit item on a country's balance of payments?
A. gold sales to foreigners B. a personal gift to a foreign individual C. imports D. none of these
Which of the following is a difference between an oligopoly with homogeneous products and an oligopoly with differentiated products?
A) There are a large number of sellers in an oligopoly with homogeneous products and there are a few sellers in an oligopoly with differentiated products. B) Firms in an oligopoly with homogeneous products earn positive economic profits in equilibrium, while firms in an oligopoly with differentiated products earn zero economic profits. C) There are huge barriers to entry in an oligopoly with homogeneous products, while there are no barriers to entry in an oligopoly with differentiated products. D) Firms in an oligopoly with homogeneous products earn zero economic profits in equilibrium, while firms in an oligopoly with differentiated products earn positive economic profits.