Minimum wage is an example of a price ________, and results in a ________ of labor.
A. ceiling; shortage
B. ceiling; surplus
C. floor; shortage
D. floor; surplus
Answer: D
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Physical capital makes workers ________, so a declining capital stock ________
A) more productive; helps an economy grow B) less productive; helps an economy grow C) more productive; hinders economic growth D) less productive; hinders economic growth
Jeremy is thinking of starting up a small business selling NASCAR memorabilia. He is considering setting up his business as a sole proprietorship. What is one advantage to Jeremy of setting up his business as a sole proprietorship?
A) As a sole proprietor, Jeremy would have the ability to share risk with shareholders. B) As a sole proprietor, Jeremy would have both ownership and control over the business. C) As a sole proprietor, Jeremy would face limited liability. D) All of the above would be advantages of setting up his business as a sole proprietorship.
We can tell how much physical capital has been added to the economy by:
A. taking into account both new investment and depreciation of capital. B. adding up the value of all tools, equipment, and structures that have ever been built. C. counting the number of persons of working age. D. counting the number of persons of working age who are employed.
Unemployment insurance pools risk across ________, and Social Security and Medicare pool risk across ________
A. time; age. B. the labor force; all retired people. C. the labor force; time. D. time; the labor force.