The heart of the argument against an increase in the minimum wage is that
A. there is a net loss to workers.
B. there are workers who earn more than they are worth.
C. there is a loss to firms.
D. the net gain to workers is less than the loss to firms.
Answer: D
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Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.
If the reserve ratio is 15 percent and commercial bankers decide to hold additional excess reserves equal to 5 percent of any newly acquired checkable deposits, then the relevant monetary multiplier for the banking system will be:
A. 4. B. 3½. C. 10. D. 5.
Figure 5.4 shows a firm's marginal cost, average total cost, and average variable cost curves. At Q = 100, the total variable cost is:
A. $2,800. B. $4,000. C. $4,500. D. $6,300.
The local baseball stadium's concession stands previously sold hot dogs for 80 cents apiece. At that price, when a baseball fan went to watch a baseball game, he bought 2 hotdogs. But now that the stadium has a "dime-a-dog night," he has purchased 6 hot dogs. What is the approximate value of this individual's absolute price elasticity of demand for hot dogs?
A. 0.80 B. 1.00 C. 0.64 D. 1.56