The argument that the minimum wage law has significantly increased teenage unemployment is not supported by recent statistical analysis
a. True
b. False
Indicate whether the statement is true or false
True
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Last year, Jack's income was $15,000 and he bought 50 bags of potato chips. This year his income is $18,000 and he buys 55 bags of potato chips. Therefore, Jack's
A) income elasticity of demand for potato chips is 0.52. B) price elasticity of demand for potato chips is 0.52. C) income elasticity of demand for potato chips is 1.66. D) price elasticity of demand for potato chips is 1.66.
When several resources are combined in the production of a good,
a. it is easy to determine the marginal products of the various resources b. the marginal contribution of each input often cannot be observed c. allocating revenue among the various resources is easy d. there is more competition for each of the resources used e. there is less competition for each of the resources used
It was the rapid and system-wide deleveraging that contributed to the downward spiral of the 2008 financial crisis
a. True b. False.
Why do most people choose to specialize in a narrow set of skills for their work, rather than to learn a little bit about several varied fields of endeavor?
A) They feel that doing so will minimize their chances of being unemployed. B) They don't correctly perceive the costs of being so specialized. C) It allows them to earn more income by being more productive. D) They are unaware of how much better off they would be if they diversified their skills.