The primary area of growth in the modern U.S. economy is
a. the manufacturing sector.
b. the agricultural sector.
c. the service sector.
d. the market for U.S. exports.
c. the service sector.
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Suppose the market-clearing wage for pizza delivery workers is $7.00 per hour, but a $10.00 per hour minimum wage is enacted. Other things constant, the higher minimum wage tends to
A) increase the supply of pizza delivery workers. B) decrease the quantity demanded of pizza delivery workers. C) create a shortage of pizza delivery workers. D) accomplish all of the above. E) accomplish none of the above.
The Washington Consensus refers to
a. agreements between Republicans and Democrats b. guidelines for limiting government intervention, supported by the World Bank andInternational Monetary Fund c. the agreement as to where to locate the U.S. government d. guidelines for providing U.S. aid to developing-country governments e. guidelines for providing federal aid to state and local governments
The laws of contracts and their enforceability in court determine the range of transactions that we will find it worthwhile to undertake
Indicate whether the statement is true or false
What is a situation that makes the market behave inefficiently?
What will be an ideal response?