An increase in the price of imported coffee shows up
a. in the consumer price index and in the GDP deflator.
b. in the consumer price index, but not in the GDP deflator.
c. in the GDP deflator, but not in the consumer price index.
d. in neither the consumer price index nor in the GDP deflator.
b
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If the legal minimum wage rate were set at $15/hour,
A. employment would decline substantially. B. employment would decline slightly. C. employment would not be affected. D. employment would rise slightly.
Many conflicts over standards result from the differences in income between countries
Indicate whether the statement is true or false
Assume SeatComfy Inc. manufactures table and chairs with the following total cost function, TC=10,000+10Q+0.1Q2, where Q=quantity of chairs produced. If SeatComfy can sell as many chairs as it wishes at the current market price of $45, how many chairs should it produce to maximize its short-run profits?
A. 45 B. 175 C. 350 D. 700
The above figure shows the supply and demand curves for high-skilled and low-skilled labor. The figure shows that high-skilled workers earn a wage rate greater than low-skilled workers because
A) the supply of high-skilled labor is greater than the supply of low-skilled labor. B) high-skilled labor has a lower value of marginal product. C) of both the cost of acquiring skills and the differences in the value of marginal products. D) of discrimination.