The minimum wage is an example of a government imposed
A) price control.
B) price ceiling.
C) price floor.
D) Both A and B
E) Both A and C
E
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Refer to Figure 4.1. Suppose Alvin chooses Top, while Simon chooses Down, and Theodore chooses Right. Simon's payoff will be
A) 2. B) 8. C) 10. D) 18.
The purchase of a new automobile is included in
A) investment expenditures. B) consumption expenditures on durable goods. C) consumption expenditures on nondurable goods. D) consumption expenditures on services.
If capital deepening increases from $100 to $150 and this increase results in worker's productivity increasing from $60 to $70, and if there were 100 workers, then GDP would increase by
a. $10,500 b. $6,000 c. $1,500 d. $7,000 e. $1,000
Growth promotion through capital deepening is constrained due to
A. slow population growth. B. the income effect. C. the principle of diminishing returns. D. the principle of opportunity cost.