Which of the following groups tend to have lower unemployment?
a. younger workers
b. middle-aged workers
c. women
d. those with less education
b. middle-aged workers
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The world price of steel is $100 a ton. Before international trade, the price of steel in India is $60 a ton. If India begins trading internationally, the price of steel in India ________ and steel mills in India ________ the quantity they produce
A) rises; increase B) falls; increase C) does not change; increase D) rises; decrease E) falls; decease
If a firm is a natural monopoly, competition from other firms cannot be counted on to force price down to the level where the company earns zero economic profit. How are prices usually set in natural monopoly markets in the United States?
A) Natural monopolies are privately owned and are allowed to set their own prices. Government regulation of the firms would result in greater deadweight losses. B) Local or state regulatory commissions usually set prices for natural monopolies. C) Natural monopolies are privately owned, but prices proposed by the firms must be approved by the Antitrust Division of the Department of Justice. D) Each natural monopoly is made a public franchise. The public franchise is then required to set its price equal to its marginal cost.
A price-setting firm prefers to operate in the inelastic portion of its demand curve because total revenue increases when price is increased
Indicate whether the statement is true or false
All of the following are governmental efforts to decrease poverty EXCEPT
A) Supplemental Security Income. B) the earned income program. C) transfer payments. D) tariffs.