Government regulations that increase the cost to the employer of hiring workers will:
A. increase the demand for labor.
B. increase the supply of labor.
C. decrease the supply of labor.
D. decrease the demand for labor.
Answer: D
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Shirley has to choose between a two-day trip and a three-day trip to Hollywood. The table below shows the expected benefit and cost for the different days
Using optimization in levels and optimization in differences, determine what Shirley's optimum decision should be. Does the decision differ with the techniques used? Which technique is faster to implement? Day Cost Benefit 1 $750 $800 2 $900 $1,000 3 $600 $800
Draw a graph illustrating a competitive firm in short-run equilibrium that is earning an economic profit. Be sure to label all curves and axes correctly.
What will be an ideal response?
In order to sell more of its product, a monopolist must
a. sell to the government. b. sell in international markets. c. lower its price. d. use its market power to force up the price of complementary products.
Social insurance is distinguished from public assistance, or welfare, by the fact that:
A. All social insurance benefits are paid in cash while all public assistance benefits are paid in kind (food, housing, medical care) B. An individual acquires a right to social insurance benefits by meeting objective eligibility criteria while public assistance benefits are determined according to individual need C. The total amount paid in benefits is much larger in the public assistance programs than in the social insurance programs D. Payroll taxes are used to finance public assistance programs while general revenues are used to finance social insurance programs