An increase in the minimum wage would lift relatively few poor people out of poverty
Indicate whether the statement is true or false
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How does the dictator game differ from the ultimatum game? a. The responder can dictate whether the offer is accepted or not
b. The responder has no choice but to accept the proposal. c. The experimenter takes over the proposer's role, inserting an offer designed to test a hypothesis. d. If the responder rejects, the proposer obtains the whole "pie."
If the price level in the current year is much higher than the expected price level, _____
a. firms will increase production beyond the economy's potential level b. the unemployment rate will increase c. firms will decrease production below the economy's potential level d. the short-run aggregate supply curve will become steeper e. the unemployment rate will fall to zero
If marginal costs are falling and below average costs, then average costs must be falling too
Indicate whether the statement is true or false
Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of labor produces either 2 units of coffee or 1 unit of sugar. Which of the following statements is true?
a. Brazil has an absolute advantage in producing only coffee. b. Brazil has an absolute advantage in producing only sugar. c. Chile has an absolute advantage in the production of both coffee and sugar. d. Chile has an absolute advantage in producing only coffee. e. Brazil has an absolute advantage in the production of both coffee and sugar.