Supporters of minimum-wage legislation argue that:
A. some workers will become unemployed as a result of the minimum wage.
B. it should be set below the market equilibrium wage.
C. workers deserve a basic standard of living.
D. All of these are true.
Answer: C
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Answer the following statement(s) true (T) or false (F)
1. In the principal-agent problem, assigning full liability to the agent gives no incentive for the principal to avoid damages. 2. Transaction costs arise when property rights are nonexistent. 3. If all parties can enter into negotiations, social optimum is achieved with or without a Pigou tax. 4. A free-rider problem occurs when people can share in the benefits of an activity without being forced to contribute to its costs. 5. Court decision involving torts are irrelevant to social welfare.
The average output produced per worker is one way of measuring
A) inflation. B) the interest rate. C) employment. D) productivity.
Nearly half of the publicly held U.S. federal debt are held by foreigners
a. True b. False Indicate whether the statement is true or false
If the death rate and the birth rate both fall, then
a. the population growth rate falls b. the population growth rate rises c. per capita GDP rises d. per capita GDP falls e. the effects on population or GDP growth cannot be determined from the information