If the minimum wage is set above the market wage
A) unemployment will rise.
B) the quantity of labor supplied will be below the quantity of labor demanded.
C) highly-skilled workers will have a harder time finding jobs.
D) All of the above are correct.
A
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The proven-reserves figure used in most years-to-depletion calculations encompasses oil reserves that are ________ and ________ to extract
A) known; economical B) both known and unknown; economical C) known; both economical and uneconomical D) both known and unknown; both economical and uneconomical
In order to analyze migration in the long run, it is appropriate to use:
a. the specificfactors model with free movement of labor across borders. b. the HeckscherOhlin model with free movement of labor across borders. c. the Ricardian model with no movement of labor across borders. d. the PPF modified for three goods, three factors of production (all fixed), and three nations.
If some firms internalize their external costs by being a cleaner and more "environmentally friendly" producers than other firms that do not, then which of the following best describes this situation?
A. The environmentally friendly firm will be operating at a lower marginal and average cost than those firms that shift some costs to society in the form of external costs. B. In a long-run competitive equilibrium in which consumers do not distinguish between environmentally friendly and standard producers, the environmentally producers will receive negative economic profits and be forced to change or exit. C. Without regulations requiring firms to internalize their external costs, environmentally friendly producers will earn positive economic profits even without consumers paying them a higher price than standard producers. D. Standard firms will have an incentive to shift their production to an environmentally friendly process.
A monopolist finds the price-output combination that maximizes its profits by
A. finding the combination for which the difference between marginal revenue and marginal cost is the greatest. B. equating price and marginal cost. C. equating total revenue and total cost. D. equating marginal revenue and marginal cost.