Refer to the table above. What happened to the real value of the minimum wage between 1974 and 2011?

A) It decreased.
B) It remained the same.
C) It increased.
D) It could not be determined from the given information.


A

Economics

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The graph shown portrays a subsidy to buyers. The deadweight loss arising from the subsidy is:



A. $400.
B. $3,600.
C. $750.
D. $800.

Economics

ALCOA was found guilty of violating the antitrust statutes in 1945 because it:

A. forced competing firms out of business with unfair business practices. B. used its knowledge of the market to expand its capacity before any competitors had a chance to enter the market. C. had engaged in unfair pricing practices. D. exploited its monopoly power to charge high prices.

Economics

Suppose the price of gold is $300 per ounce in the United States and 2,400 pesos per ounce in Mexico. If purchasing power parity holds and if the price of oil is $25 per barrel in the United States, the price of oil is ________ pesos per barrel in Mexico.

A. 250 B. 200 C. 96 D. 3.125

Economics

Billy Mac Tailor drives an 18-wheeler CG Carriers. He always stops at All Bright truck stops to buy diesel fuel. He is a preferred customer and gets a free meal and shower worth $10. But All Bright charges $12 more for a fill-up than most competitors. Which of the following is true?

A. There is a wealth transfer to Billy Mac Tailor, and CG Carriers has a wealth reduction of $12. B. Billy Mac Tailor increases his income by $10 and CG Carriers also benefits. C. CG Carriers has a wealth reduction of $2 even though they do not know about Tailor's actions. D. CG Carriers gets a benefit of $22 because Tailor is a preferred customer.

Economics