The presence of efficiency, minimum and union wages
A) can explain job rationing because they lower the real wage rate below equilibrium.
B) does not affect job rationing because they affect only the amount of job search.
C) can explain job rationing because they raise the real wage rate above equilibrium.
D) can explain job rationing because they lower the natural unemployment rate.
E) cannot explain job rationing because they are a natural part of the economy.
C
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Government regulations
A) have no impact on supply. B) only change the quantity supplied, not the supply curve. C) are generally ineffective due to lobbying by suppliers. D) can change both quantity supplied as well as the supply curve.
One problem with consumer interviews is that
A. response bias. B. the sample may not be a representative sample. C. interviews allow for rapid turnaround. D. both a and b E. all of the above
(Consider This) In 2013, McDonald's introduced Fish McBites, which failed to catch on with the public and was subsequently dropped from the menu. This failure illustrates the idea of
What will be an ideal response?
When the principle of comparative advantage determines trade, then a country will
A. specialize only in that good with the highest opportunity cost. B. specialize only in that good where production costs are more than average total costs. C. specialize only in goods with the lowest opportunity costs. D. specialize only in that good where output is less per worker hour than another country.