Suppose that a minimum wage is set that is higher than wages for retail workers. This is ________ news for shoppers and ________ retail workers.
A. bad; good news for some, but not all
B. bad; good news for all
C. good; good news for some but not all
D. good; good news for all
Answer: A
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Refer to the figure above. If the capital stock is fixed at $300, what is the GDP in the economy?
A) $7,000 B) $6,000 C) $5,000 D) $4,000
On December 17, 2010, President Obama extended income tax cuts initially enacted in 2001 and 2003 for two additional years
According to the permanent-income hypothesis, these tax cuts would represent ________ income and would have ________ on consumption. A) permanent; a significant impact B) permanent; very little impact C) transitory; a significant impact D) transitory; very little impact
Equilibrium price is _____.
Refer to the graph below. Suppose you had tastes as described by the indifference curves above. If your income was $90, Px = 30 and Py = 10, which combination of X and Y would maximize your utility?
A. 3X and 0Y
B. 0X and 9Y
C. 3X and 9Y
D. 1X and 6Y