Refer to the information provided in Figure 28.3 below to answer the question(s) that follow.
Figure 28.3Refer to Figure 28.3. A minimum wage of $12
A. will lead to unemployment of 10.
B. will lead to unemployment of 20.
C. will lead to unemployment of 40.
D. will have no effect because the minimum wage is set above the equilibrium wage and for a minimum wage to have any effect on the labor market it must be below the equilibrium wage.
Answer: C
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Answer the next question based on the following supply and demand schedules in units per week for a product.PriceQuantity DemandedQuantity Supplied$601004005014034040180280302202202026016010300100If demand increased by 100 units at each price level, and the government set a price ceiling of $40, then there will be
A. a surplus. B. no shortage or surplus. C. decrease in supply. D. a shortage.
The Patient Protection and Affordable Care Act (ACA) is scheduled to be fully implemented by 2019, at which point
A) more than 30 million additional individuals are expected to have health care coverage. B) all hospitals in the United States will be taken over by the federal government. C) private health insurance companies will no longer exist in the United States. D) current budget cuts are expected to have completely offset the cost of the program.
Which of the following factors affecting decision-making is studied by Behavioral Game Theory?
A) psychological biases B) limited power of calculation C) weather forecast D) A and B are correct
The long-run industry supply curve in a decreasing-cost, perfectly competitive industry is
A) negatively sloped. B) perfectly elastic. C) positively sloped. D) perfectly inelastic.