The minimum wage is an example of a
a. price ceiling.
b. price floor.
c. wage subsidy.
d. tax.
b
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Refer to Figure 10-8. If the price of biscotti is $1.50 and the price of a cappuccino is $3.00, what is the slope of the budget constraint?
A) -(3.00 - 1.50 )/(3.00 + 1.50 ) = -1/3 B) -2 C) -1/2 D) The slope cannot be determined without the value of income.
Refer to the table below. What is Gorgeous Sands Resort's long-run average cost?
The table above summarizes Gorgeous Sands Resort's marginal capacity cost, marginal operating cost, peak marginal revenue, off-peak marginal revenue, and its peak and off-peak demand for its resort units.
A) $6,000
B) $1,000
C) $3,000
D) $5,000
China is a clear example of a country that has:
A. achieved economic growth only after a democratic regime was in place. B. achieved economic growth without a democratic regime. C. failed to achieve economic growth without a democratic regime. D. failed to achieve economic growth, despite having a democratic regime.
Country A-2020 Transactions (billions of dollars)
In the above table, the fact that there is a minus sign before the number for unilateral transfers means that
A. Country A imported more goods than it exported. B. Country A gave more to foreign residents than foreign residents gave to Country A. C. Country A received more in foreign aid than it gave in foreign aid. D. Country A has significant inflation.