If the labor market worked efficiently, then an effective minimum wage law would:
A. help those who were employed at that price.
B. cause unemployment.
C. hold wages higher than the equilibrium price.
D. All of these statements are true.
Answer: D
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If government policy makers become more secretive, then the short run aggregate supply curve should get
a. flatter. b. more horizontal. c. vertical. d. steeper.
Managed care
a. establishes a system of retrospective payment determined ex ante. b. combines the responsibilities of payer and provider of medical services. c. attempts to shift a portion of the financial risk onto providers. d. attempts to shift a portion of the financial risk onto patients. e. Both b and c are correct.
Which of the following would not be considered price discrimination?
a. setting separate rates for residential and commercial uses of electricity b. giving a senior citizen discount at restaurants c. renting recently released videos at a higher price than the old classic videos d. giving children a discount at the movies e. giving students a discount on ski lift tickets
Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to real GDP in 2015 was ________ and in 2016 was ________.
A. $80,000; $88,000 B. $80,000; $90,000 C. $88,000; $90,000 D. $80,000; $99,000