Which of the following is NOT considered a determinant of income differences?
A. equity or fairness
B. productivity
C. age
D. discrimination
Answer: A
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The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $4 per hour, how many hours of students' labor are unemployed?
A) 12,000 hours B) 9,000 hours C) 6,000 hours D) 0 hours
Which of the following does NOT describe the intended purpose of the antitrust laws of the United States?
A) to promote competition within the economic system B) to reduce the power of monopolies C) to prohibit certain economic activities that promote trade D) to restrict the formation of monopolies
Tobin’s q may be interpreted as a measure of
a) the quantity of a firm’s output b) the optimal quantity of output for a monopolist c) the relative importance of bond financing to equity financing d) the rate of return on capital divided by the cost of capital e) the useful life of physical capital
A price ceiling on a good will usually
A. shift both the demand and supply curves to the left. B. shift the demand curve to the left and the supply curve to the right. C. shift neither the demand curve nor the supply curve. D. shift both the demand and supply curves to the right.