A price floor is the minimum price that consumers have to pay for a particular product
a. True
b. False
Indicate whether the statement is true or false
True
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An increase in the wage will cause the output supply curve in the one-input model to shift in unless labor is an inferior input.
Answer the following statement true (T) or false (F)
Limits of special-interest contributions to national political campaigns
a. would reduce the extent of rent seeking b. would involve concentrated costs and concentrated benefits c. are a form of rational ignorance d. would heighten the advantage of incumbency e. would heighten the advantage of challengers
If a resource can be put to a single use and has no alternative uses then:
a. economic rents are zero. b. transfer earnings are maximized. c. total earnings are zero. d. all earnings are economic rents. e. all earnings are transfer earnings.
Compared to those in low-income countries, the residents of countries with high per person incomes nearly always
a. live longer. b. have a lower illiteracy rate. c. have a lower infant mortality rate. d. all of the above.