Refer to Table 4-8. If a minimum wage of $10.00 is mandated there will be a
A) shortage of 40,000 units of labor. B) surplus of 20,000 units of labor.
C) surplus of 40,000 units of labor. D) shortage of 20,000 units of labor.
C
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The United States
A. has sometimes attained productive efficiency. B. usually attains productive efficiency. C. never attained productive efficiency.
In the short run, an increase in the price level induces firms to expand production because
A) they can increase profits by increasing maintenance costs. B) higher prices allow firms to hire more inputs by offering higher prices for inputs, which increases productivity and profits. C) each firm must keep its production level up to the level of its rivals, and some firms will expand production as the price level increases. D) prices of inputs are held constant, so the higher prices for firms' products imply that it is profitable to expand production.
The intersection of the x axis and the y axis is called the
A) "meeting point." B) origin. C) "zero" point. D) corresponding point.
Political candidates tend to identify themselves as being "middle-of-the-roaders", while they tend to label their opponents as a member of the political fringe
Indicate whether the statement is true or false