The unemployment of some groups, such as low-skill workers, may increase as a result of the imposition of a minimum wage.
Answer the following statement true (T) or false (F)
True
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In the above figure, what is the marginal social cost to the economy of producing the four-hundredth pretzel?
A) $0 B) $2.00 C) $4.00 D) None of the above answers are correct.
If the yield curve is flat for short maturities and then slopes downward for longer maturities, the liquidity premium theory (assuming a mild preference for shorter-term bonds) indicates that the market is predicting
A) a rise in short-term interest rates in the near future and a decline further out in the future. B) constant short-term interest rates in the near future and a decline further out in the future. C) a decline in short-term interest rates in the near future and a rise further out in the future. D) a decline in short-term interest rates in the near future and an even steeper decline further out in the future.
Suppose that in a perfectly competitive market, the market supply of a good increases. As a result, the individual firm's:
a. supply curve would shift outward and the firm would increase output. b. supply curve would shift inward and the firm would decrease output. c. average-total-cost curve would shift upward and the firm would increase output. d. marginal-revenue curve would shift upward and the firm would increase output. e. marginal-revenue curve would shift downward and the firm would decrease output.
The fundamental economic problem faced by individuals is
A) scarcity. B) comparative advantage. C) fair allocations of goods and services. D) randomness in the distribution of income.