Refer to the graph below. An effective minimum wage would be set
a. above We and would create a surplus of labor.
b. below We and would create a surplus of labor.
c. above We and would create a shortage of labor.
d. below We and would create a shortage of labor.
a. above We and would create a surplus of labor.
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The fact that there is a very limited amount of land in Hong Kong means the supply of new apartments in Hong Kong is
A) inelastic. B) elastic. C) unit elastic. D) perfectly elastic. E) limited by the demand.
If a marginal cost pricing rule is imposed on the firm in the figure above, the deadweight loss will be
A) zero. B) $100. C) $200. D) $50.
The United States abandoned the Bretton Woods system of exchange rates in
A) the 1920s. B) the 1940s. C) the 1970s. D) the 1990s.
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. If Tom divides his time evenly between activities and acts efficiently, he will produce:
A. 16 dishes and 4 fences. B. 12 dishes and 3 fences. C. 8 dishes and 2 fences. D. 4 dishes and 3 fences.