In 2012, the U.S. minimum wage according to federal law was
a. $4.25 per hour.
b. $5.15 per hour.
c. $5.75 per hour.
d. $7.25 per hour.
d
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Classical economists argue that
A) the government should have an active role in the economy. B) government policies will be ineffective and counterproductive. C) the government should actively intervene in the economy to eliminate business cycles. D) wages and prices don't adjust quickly, so the economy is slow to return to equilibrium.
Refer to Figure 14.1. Other things equal, a decrease in taxes is best represented as a movement from
A) point Y to point Z. B) point Z to point X. C) point Z to point Y. D) point Y to point X.
Which of the following statements is not correct?
a. Welfare programs may encourage illegitimate births. b. The decline in welfare benefits since the 1970s has been associated with a decline in the percentage of children living with a single parent. c. Welfare programs may reduce incentives for people to work. d. A negative income tax program uses tax revenues collected from high-income families to provide cash subsidies to low-income families.
As a firm grows larger
A. economies of scale set in, then diseconomies of scale. B. diseconomies of scale set in, then economies of scale. C. economies of scale and diseconomies of scale set in at the same time. D. neither economies of scale nor diseconomies of scale set in.