Refer to the scenario above. If the individual places his bet on one pocket, his likelihood of winning is:
A) 0.50%.
B) 1%.
C) 2%.
D) 5%.
C
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Which of the following statements is correct? a. If unions successfully bargain for higher wages for their union members, employment among union members will increase. b. Wages are higher in nonunion jobs than in union jobs of comparable skill
c. The efficiency wage model asserts that higher wages will lead to higher productivity. d. The imposition of a minimum wage above the market price for unskilled labor creates a shortage of labor.
Economists are fond of calculating measures of elasticity. If we calculate the income elasticity of money as the %?M / %?PY, where M is the quantity of money held and PY is nominal income, would you suspect the coefficient to be positive, negative or zero? Will the absolute value be greater or less than 1? Be sure to explain your choices.
What will be an ideal response?
Exhibit 11-4 Taxable Income Taxes $0 - $23,000 15% of taxable income $23,001 - $42,000 $3,450 + 20% of everything over $23,000 $42,001 - $100,000 $7,250 + 25% of everything over $42,000 Greater than $100,000 $21,750 + 30% of everything over $100,000 Refer to Exhibit 11-4. If a person's taxable income is $20,000, how much does he pay in taxes?
A) $600 B) $30,000 C) $18,000 D) $3,000
Traffic congestion is an example of a(n)
A. government failure. B. externality. C. economy of scale. D. public good.