In terms of purchasing power, the real minimum wage has ________ since 1997.
A. fallen
B. stayed the same
C. risen
C. risen
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How do the wages in the United States compare to those in northern Europe?
A. U.S. wage rates are higher than those of all northern European nations. B. Northern Europe’s average wage rates are higher. C. U.S. wage rates are higher than those in Germany and the Netherlands. D. They are similar.
The figure above shows the market for the chemical hydrogen sulfide, the production of which creates an external cost
If the government assesses the marginal external cost correctly, what is the amount of the pollution tax that eliminates the inefficiency? A) $2 per pound B) $3 per pound C) $4 per pound D) $1 per pound E) None of the above answers is correct.
A decrease in the expected future price of cars
A) increases the current quantity demanded of cars, that is, there is a movement downward along the demand curve for cars. B) increases the current demand for cars, that is, there is a rightward shift of the demand curve for cars. C) decreases the current quantity demanded of cars, that is, there is a movement upward along the demand curve for cars. D) decreases the current demand for cars, that is, there is a leftward shift of the demand curve for cars.
The above figure shows your budget line and indifference curves. What quantities of gasoline and movie rentals would you choose?
A) 25 gallons of gasoline and 15 movie rentals B) 10 gasoline and 10 movie rentals C) 20 gallons of gasoline and 5 movie rentals D) 15 gallons of gasoline and 8 movie rentals