Opponents of the minimum wage law implicitly assume that the ________ if they worry about the unemployment effects of the policy.
A. demand curve for unskilled workers is inelastic
B. supply curve for unskilled workers is inelastic
C. supply curve for unskilled workers is highly elastic
D. demand curve for unskilled workers is highly elastic
Answer: D
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If the marginal revenue product of the fifth worker hired by a firm is $15 and the price of the last unit of output produced is $5, then the marginal product of the fifth worker is
a. 15 units of output if the product market is perfectly competitive b. 3 units of output if the product market is perfectly competitive c. 45 units of output if the product market is perfectly competitive d. 5 units of output if the product producer is a price searcher e. 15 units of output if the product producer is a price searcher
Which of the following statements is true?
a. TC = TFC ? TVC. b. AVC = TC / Q. c. TFC = TC ? TVC. d. MC equals the change in ATC divided by the change in Q.
Refer to the information provided in Figure 7.10 below to answer the question(s) that follow. 
Figure 7.10Refer to Figure 7.10. At Point A the absolute value of the slope of the q1 = 100 isoquant is
A. less than 2. B. exactly equal to 2. C. greater than 2. D. indeterminate from this information.
Domestic savings:
A. comes from private households spending less than they earn. B. is equal to domestic income minus consumption spending. C. occurs when government revenues exceed noncapital expenditures. D. All of these are true.