Workers at a bicycle assembly plant currently earn the mandatory minimum wage. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the
a. demand for bicycle assembly workers will increase.
b. supply of bicycles will shift to the right.
c. supply of bicycles will shift to the left.
d. firm must increase output to maintain profit levels.
c
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Suppose the price of leather used to produce shoes increases. The higher price of leather ________ the supply of shoes, and the supply curve of shoes ________
A) does not change; does not shift B) decreases; shifts rightward C) increases; shifts rightward D) increases; shifts leftward E) decreases; shifts leftward
How does the production of a U.S. firm located in France affect U.S. GDP? How does the production of a French firm located in Ohio affect U.S. GDP?
What will be an ideal response?
The windfall profits tax on oil will curtail oil production if
A. oil executives decide to be spiteful. B. the demand for oil is inelastic. C. the supply curve for oil is upward sloping. D. the supply curve for oil is vertical.
Which of the following is LEAST likely characterized by mixed strategies?
A) the choice of whether to go to war or not B) the choice of which pitch to throw in baseball C) the choice of which play to run in football D) the choice of where to kick a soccer penalty shot