In the United States, the minimum wage is defined as
A) the wage that the youngest job entrant into the job market makes.
B) the lowest wage that a corporation should pay a worker if the corporation wants to ensure that its employees are well trained.
C) the lowest hourly wage rate a firm may legally pay its workers, as legislated by the U.S. government.
D) the wage ceiling above which a firm no longer must pay its employees additional benefits.
Answer: C
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If market participants have rational expectations,
A) they can assume the stock prices they observe represent the fundamental values of those stocks B) they know to purchase stocks that are priced below their fundamental value C) they will achieve higher returns than those with adaptive expectations D) they can earn above-average returns on their investments
Even though the number of workers in manufacturing has increased in the post-war world (since 1947), the proportion of manufacturing workers in the total labor force has declined
Indicate whether the statement is true or false
Compared to ideal economic efficiency, when the production of a good generates external costs, competitive markets will result in an output that is too:
a. large and a price that is too high. b. large and a price that is too low. c. small and a price that is too high. d. small and a price that is too low.
When government purchases exceed net taxes, the government has a budget ________ and government saving is
A) surplus; negative B) deficit; positive C) surplus; positive D) deficit; negative