The classical economists believed all of the following, EXCEPT
A. demand creates its own supply.
B. the quantity of money people wanted to save and invest affected interest rates.
C. recessions are temporary.
D. wages and prices are both downwardly flexible.
A. demand creates its own supply.
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Refer to Table 4-3. The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of cowboy hats is $35, The Waco Kid will produce
A) 1 hat. B) 2 hats. C) 3 hats. D) 4 hats.
The watershed approach
a. is a framework used to coordinate the management of each hydrologically defined area b. has been rejected by U.S. policy makers c. has received no financial support from the federal level of government d. does not allow for the use of water quality trading
Emeril is the owner of a restaurant. He decides to raise the wages of his workers even though he faces an excess supply of labor. His decision
a. might increase profits if it attracts a better pool of workers to apply for jobs at his restaurant. b. will reduce the excess supply of labor. c. is an example of the benefits of a minimum-wage law. d. All of the above are correct.
Given the availability of the Medicaid program, why are so many poor people uninsured?
A. Because only a fixed percentage of the population can participate in Medicaid at any time. B. Because many poor people earn enough that they do not qualify for Medicaid. C. Because nonincome requirements screen many poor people from the program. D. Because only native-born Americans are eligible for the program.