The amount of unemployment caused by efficiency wages:
A. is larger in sectors that have more less-skilled workers in them.
B. has been measured by economists to be minimal.
C. has been found to be quite large in markets that have mostly minimum-wage workers.
D. has little conclusive evidence in economic research.
Answer: D
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The supply of money must be great enough to meet ordinary transaction needs, ______
Fill in the blank(s) with the appropriate word(s).
The figure above shows the marginal social costs (MSC), marginal private benefits (MB), and marginal social benefits (MSB) of college education in Inland
If Inland's government does not intervene, and the colleges are competitive, the deadweight loss is A) zero. B) $100 million per year. C) $200 million per year. D) $300 million per year.
Special interest groups are usually
A) well informed on all political issues. B) well informed on all economic issues. C) well informed on issues of interest to them. D) not well informed on any issues, but appear to be.
Which of the following is a normative economic statement?
A) Rising global demand for coal has led to increases in the price of coal. B) With rising mortgage rates and rising unemployment rates, the number of unsold homes has increased. C) The state of Texas is considering increasing funds for light-rail development to promote the use of public transportation. D) Pharmaceutical manufacturers should not be allowed to patent their products so prescription drugs would be more affordable.