A cost that has already been paid and cannot be recovered
What will be an ideal response?
Sunk cost
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The minimum wage can be thought of as a price floor. The great majority of labor economists believe that a minimum wage __________ unemployment among young and unskilled workers
a. increases b. decreases c. eliminates d. has no effect on e. There is not enough information to answer the question.
Antitrust policy is used to describe government policies and programs that are designed to:
a. promote the creation of trusts, or combinations of independent firms. b. control the growth of monopoly and enhance competition. c. deal with the threat of competitive practices to public interests. d. create an environment in which the government will distrust firms. e. create an environment in which firms will distrust the government.
Productivity is the
a. key determinant of living standards, and growth in productivity is the key determinant of growth in living standards. b. key determinant of living standards, but growth in productivity is not the key determinant of growth in living standards. c. not the key determinant of living standards, but growth in productivity is the key determinant of growth in living standards. d. not the key determinant of living standards, and growth in productivity is not the key determinant of growth in living standards.
It takes many years to train to become an orthopedic surgeon. This suggests that, in the short run, a sudden increase in the demand for orthopedic surgeons will:
A. lead to a large increase in the number of orthopedic surgeons. B. have no impact on the number of people who decide to become orthopedic surgeons. C. not affect the salaries of orthopedic surgeons. D. have little effect on the number of trained orthopedic surgeons.