Which of the following is most likely to generate a surplus?
A. a price ceiling
B. a price floor
C. an illegal market
D. all of these
Answer: B
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In Commonwealth v. Hunt (1842) the Supreme Court of Massachusetts
a. established a legal minimum wage in manufacturing. b. ruled that union members have the right to strike and push for a closed shop. c. found the Boston Bootmakers' Society guilty of unlawful conspiracy. d. established the 10-hour day as the legal maximum in manufacturing. e. All of the above.
If a profit-maximizing firm is a price taker in the input market but not in the output market, its marginal value product of labor
a. exceeds the marginal revenue product of labor. b. equals its marginal revenue product of labor. c. is less than the marginal revenue product of labor. d. equals the marginal physical product of labor.
Which of the following is an example of normative analysis?
What will be an ideal response?
Tariffs and quotas are effective in protecting industry
A. but at very high cost per job saved. B. and at very low cost per job saved. C. but have not saved any jobs in the industries. D. and do not distort the economy in the process.