If a worker becomes unemployed because of an increase in the minimum wage, that worker is:
What will be an ideal response?
structurally unemployed.
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By making exchange ________, money allows for specialization and higher ________
A) more difficult; costs B) more difficult; productivity C) easier; costs D) easier; productivity
An investment intermediary that lends funds to consumers is
A) a finance company. B) an investment bank. C) a finance fund. D) a consumer company.
Which of the following can be concluded from the relationships given below?(U.K. capital stock) < (rest of the world's capital stock)(U.K. labor supply) > (rest of the world's labor supply)
A. The rest of the world will export both commodities. B. The rest of the world will export labor-intensive goods. C. The United Kingdom is relatively labor-abundant compared to the rest of the world. D. The United Kingdom is relatively capital-abundant compared to the rest of the world.
Which of the following is not a valid generalization concerning the relationship between price and costs for a purely competitive seller in the short run?
A. Price must be at least equal to average total cost. B. Price times quantity produced must be equal to or greater than total variable cost for some level of output or the firm will close down in the short run. C. Price may be equal to, greater than, or less than average total cost. D. Price must be equal to or greater than minimum average variable cost for the firm to continue producing.