Consider the accompanying figure representing the labor market below. Suppose the government passes a minimum wage requiring employers to pay at least $8.00 per hour.
After the imposition of the minimum wage, employment will equal ________ person-hours per day.
A. 8,000
B. 4,000
C. 2,000
D. 6,000
Answer: C
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In the production function Real GDP = T (L, K), the T represents the _____________ coefficient, the L represents ________________ and the K represents _______________
A) tax; labor; capital B) technology; labor; capital C) technology; labor; knowledge D) technology; livestock; knowledge
Recall the Application about the free-agent market for professional baseball pitchers to answer the following question(s).Recall the Application. Baseball teams know more about the health of free-agent pitchers than the pitchers themselves.
Answer the following statement true (T) or false (F)
Suppose the equilibrium quantity of labor hired decreases and the equilibrium real wage rate increases. All else constant, this situation will also result in
A) more government outlay for the unemployed. B) higher output prices. C) lower output prices. D) fewer benefits for those still unemployed.
Give an example of a pair of variables that have a positive correlation, a pair of variables that have a negative correlation, and a pair of variables that have zero correlation
What will be an ideal response?