Correlation vs causation?
What will be an ideal response?
_events that usually occur togetherCausation_ one event causes another to occur
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The figure above shows a labor market. If there is a monopsony in this labor market, then increasing the minimum wage from $3 per hour to $5 per hour
A) will increase the quantity of labor employed. B) will leave unchanged the quantity of labor employed. C) will decrease the quantity of labor employed. D) could increase, decrease, or leave unchanged the quantity of labor employed.
In the figure above, if the government provides a subsidy to colleges of $6,000 per student per year, what is the tuition?
A) $10,000 per year B) $12,000 per year C) $8,000 per year D) $6,000 per year
Assume, for England, that the domestic price of wine without international trade is higher than the world price of wine. This suggests that, in the production of wine,
a. England has a comparative advantage over other countries and England will export wine. b. England has a comparative advantage over other countries and England will import wine. c. other countries have a comparative advantage over England and England will export wine. d. other countries have a comparative advantage over England and England will import wine.
Kris, Taylor and Max are the only three residents in a neighborhood. A public good that would benefit all of them has a one-time installation cost of $900. The value of the public good to each resident is shown in the table below. Any tax plan must be approved by simple majority. ResidentReservation PriceIncomeKris$100$1,000Taylor$200$5,000Max$700$6,000 Installing the public good would ________ total economic surplus by ________.
A. decrease; $100 B. increase; $100 C. increase; $1,000 D. decrease; $900