Minimum wage laws help explain the natural rate of unemployment if they create a surplus in any labor market
a. True
b. False
Indicate whether the statement is true or false
True
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Michelle spends all of her income on mangos and rice. Mangos cost $2 per pound and rice costs $1.50 per pound
If Michelle is spending all of her income and the marginal utility per dollar spent is 20 for the last pound of mangos purchased and 10 for the last pound of rice purchased, then A) Michelle is maximizing utility from her present consumption bundle. B) Michelle should buy more rice and fewer mangos in order to maximize utility. C) Michelle should buy more mangos and less rice to maximize utility. D) None of the above answers is correct.
Because of the free-rider problem, it is necessary that public bureaus manufacture defense weapons
a. True b. False
Historical evidence supports which of the following claims? econ
A. Aid from developed countries to less developed countries has not always resulted in sustained growth for the less developed countries. B. Only the less developed countries that have received aid from the wealthy countries have succeeded in achieving sustained growth. C. Sending financial resources to developing countries has helped them all achieve sustained growth.Building capital in the developing countries has helped them all achieve sustained growth. D. Developed countries should not send any more aid to less developed countries because the effort has never resulted in sustained growth.
The price elasticity of demand measures:
a. how sensitive quantity demanded is to a change in supply. b. how sensitive quantity demanded is to a change in consumer taste and preference. c. how sensitive quantity demanded is to a change in income. d. how sensitive quantity demanded is to a change in price.