Social promotion suggests that students are
A. only allowed to proceed to the next grade if they meet minimum behavioral standards.
B. given an opportunity to go back and take courses to improve their grades.
C. only allowed to graduate after taking a state exam.
D. granted diplomas for survival rather than for achievement.
Answer: D
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In a perfectly competitive market the long-run demand and supply curves are Q = 12 - P and Q = 5P respectively. Producer surplus in this market equals
A) 0. B) 5. C) 10. D) It cannot be determined without more information.
If an excise tax is imposed on shoes,
a. government tax revenue will fall b. the market price of shoes will decrease c. the supply curve will shift downward d. the equilibrium quantity demanded will decrease e. the equilibrium quantity supplied will increase
Explain how our standard of living depends upon our level of real GDP per person, but there might not be a one-to-one relationship between the standard of living and real GDP per person. Give examples of things that can affect one, but not the other
What will be an ideal response?
If a minimum wage is introduced that is above the equilibrium wage rate,
A) the quantity of labor demanded increases. B) job search activity increases. C) the supply of labor increases and the supply of labor curve shifts rightward. D) unemployment decreases because more workers accept jobs at the higher minimum wage rate. E) the quantity of labor supplied decreases because of the increase in unemployment.