Many Americans have been hurt by recent economic events. Raising the minimum wage is the best policy to improve the wages and employment opportunities of Americans. This argument is
What will be an ideal response?
incorrect because while some people will receive higher wages, others will experience less employment and fewer training opportunities
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If you own a building and you decide to use that building to open a restaurant,
A. there are no sunk costs involved in this decision. B. there is no opportunity cost of using this building for a restaurant because you own it. C. the only cost relevant to this decision is the price you paid for the building. D. there is an opportunity cost of using this building for a restaurant because it could have been used in other ways.
Which one of the following transactions would be included in GDP?
What will be an ideal response?
A price floor is:
A. the lowest price a producer will accept. B. the lowest price a consumer will pay. C. a minimum price set by the government above equilibrium price. D. a maximum price set by the government above equilibrium price
When many substitutes exist for a good, demand will be
A. unit-elastic. B. perfectly unit-elastic. C. inelastic. D. elastic.