To achieve its goal of keeping a family of four with one wage earner out of poverty, the minimum wage would have to be
A. nearly $9.00 per hour.
B. more $11.00 per hour.
C. $7.25 per hour.
D. $5.15 per hour.
Answer: B
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If you agree to a long-term loan at a specified nominal rate of interest and inflation turns out to be higher than was anticipated,
A) the nominal rate of interest falls. B) the nominal rate of interest rises. C) the real rate of interest falls. D) the real rate of interest rises.
Figure 17-9
Refer to . The amount of revenue collected by the government from the tariff is
a.
$200.
b.
$400.
c.
$500.
d.
$600.
The size of the underground economy is probably large when:
A. taxes are low. B. the cost of doing business legally is low. C. bribes are often necessary to cut through bureaucratic red tape. D. All of these statements are true.
The domestic demand and supply for sugar are Qd = 60,000 ? 400P and QSD = 20,000 + 500P. The foreign supply is QSF = 20,000 + 100P. What is the domestic quantity supplied at the domestic market price?
A. 10,000 B. 52,000 C. 22,000 D. 30,000