Refer to Table 4-4. If a minimum wage of $10.00 is mandated there will be a
A) shortage of 20,000 units of labor. B) surplus of 40,000 units of labor.
C) shortage of 40,000 units of labor. D) surplus of 20,000 units of labor.
B
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Consider a monopolistically competitive industry which is in long-run equilibrium. Which of the following is TRUE?
A) All firms charge a price equal to average total cost. B) All firms charge a price equal to marginal cost. C) All firms earn positive economic profit. D) Demand, average total cost, and marginal cost all intersect.
Suppose your expenses for this term are as follows: tuition: $12,000, room and board: $6,500, books and other educational supplies: $1,500
Further, during the term, you can only work part-time and earn $3,500 instead of your full-time salary of $14,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college? A) $13,500 B) $20,000 C) $24,000 D) $30,500
An international producer is trying to centralize its R&D. This is consistent with it trying to
a. Set up a functional division b. Take advantage of the economies of scale c. Take advantage of the learning curve effect d. All of the above
The United States exports approximately ________ percent of all goods and services produced in the country.
A. 16. B. 8. C. 3. D. 13.