The table above gives the labor market for a small foreign economy. A minimum wage law that sets the minimum wage at $8.50 per hour produces
A) a labor surplus of 65 million hours.
B) a labor shortage of 25 million hours.
C) a labor surplus of $0.50 per hour.
D) a labor surplus of 25 million hours.
E) equilibrium in the labor market.
D
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The social insurance system generally redistributes income from
a. rich to poor and from old to young b. rich to poor and from young to old c. poor to rich and from old to young d. poor to rich and from young to old e. consumers to producers
According to the Keynesian view, the proper response to a severe recession would be
a. an increase in taxes in order to reduce the budget deficit. b. an increase in government spending financed by borrowing. c. a shift toward a restrictive monetary policy to reduce aggregate demand. d. reliance on automatic stabilizers to direct the economy toward full employment.
If the price that a perfect competitor receives for her final product rises by 50%, the firm's MRP schedule will shift to the __________.
Fill in the blank(s) with the appropriate word(s).
In the United States, approximately how many doctors are there per 100,000 of population?
A. 162. B. 275. C. 580. D. 5,800.