In one week, Tetah can knit 15 sweaters or bake 480 cookies. The opportunity cost per cookie for Tetah is
a. $15
b. 15 sweaters
c. 32 sweaters
d. 1/32 of a sweater
e. 480 sweaters
D
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In the figure above, if a minimum wage of $6 per hour has been imposed and the labor demand curve then shifts from D0 to D1 the wage rate ________ and the amount of employment ________
A) falls; decreases B) does not change; increases C) does not change; decreases D) falls; increases
According to the Keynesian view, an increase in the money supply will cause interest rates to rise, causing levels of investment to fall
Indicate whether the statement is true or false
The rationing mechanisms that develop under binding price ceilings are usually inefficient
a. True b. False Indicate whether the statement is true or false
A firm operating in a perfectly competitive industry will shut down in the short run if its economic profits fall to zero because it is likely to be earning negative accounting profits
a. True b. False Indicate whether the statement is true or false