The effect of licensing requirements for an occupation is to
a. shift the demand curve for the occupation to the left, causing wage rates to fall.
b. shift the supply curve for the occupation to the left, causing the wage rate to rise.
c. shift the supply curve for the occupation to the right, causing the wage rate to fall.
d. shift the demand curve for the occupation to the right, causing the wage rate to rise.
b. shift the supply curve for the occupation to the left, causing the wage rate to rise.
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Pension funds are partially guaranteed by the
A) Social Security Administration. B) Federal Deposit Insurance Corporation. C) Federal Reserve. D) Pension Benefit Guaranty Corporation.
New Keynesian economics differs from real business cycle economics in that
a. markets are perfectly competitive in new Keynesian models. b. business cycles are fluctuations in the natural rate of unemployment in new Keynesian models. c. wages and prices are perfectly flexible. d. agents maximize utility in the new Keynesian model. e. none of the above.
England's mercantilist principles:
a. were active from the early 1600s. b. were active from the early 1700s. c. were a response to Spanish tariffs. d. were pursued by Charles II after 1685.
After a price floor of $23 is placed on the market in the graph shown, which area represents total surplus?
A. A
B. B + C + E + F
C. A + B + E
D. A + B + C + E + F