If an employer begins to pay higher wages to white workers, then in the short run
a. wages for white workers would fall
b. wages for nonwhite workers would rise
c. profits would rise as nonwhite workers leave the firm
d. output will increase and prices will fall
e. profits would fall as nonwhite workers leave the firm
E
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Suppose that David buys the same number of energy drinks every weekend no matter what happens to the price of the energy drinks. What does this suggest about davids demand for energy drinks?
The above figure shows supply and demand curves for apartment units in a large city. If the city government passes a law that establishes $350 per month as the legal maximum rent, the loss in social welfare equals
A) b + c. B) f. C) a. D) f + g.
Figure 4-11 Refer to. On the Laffer curve shown, which of the following is true?
a. Tax revenue would increase if marginal tax rates were lowered from point C.
b. Tax revenue would decrease if marginal tax rates were lowered from point A.
c. Tax revenues are maximized at a tax rate corresponding to point B.
d. All of the above are true.
Describe the three major disadvantages of flexible exchange rates.
What will be an ideal response?