Choose the statement about an effective minimum wage that is correct.
A. The minimum wage is a fair rule because otherwise? low-skill workers would earn a lower wage.
B. The minimum wage imposes a fair rule because it is legislated by the government and passed into law by majority rule.
C. The result of the minimum wage is fair because those who find jobs are the least well off.
D. The result of the minimum wage is unfair because only those people who have jobs and keep them benefit from the minimum wage.
Ans: D. The result of the minimum wage is unfair because only those people who have jobs and keep them benefit from the minimum wage.
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Refer to the market diagram. Relative to the surplus achieved under perfect competition, how much surplus is lost (deadweight loss) when there is a monopoly?
The following questions refer to the accompanying market diagram. PC and QC are the equilibrium price and quantity if the firm behaves competitively, and PM and QM are the equilibrium price and quantity if the firm is a simple monopoly.
a. E
b. H
c. E + H
d. D + G + E + H
Recessions in the United States typically are:
A. widely felt outside the United States. B. confined to the domestic economy. C. limited to specific regions of the country. D. limited to a few industries.
In the early 1950s the two new factors that stimulated the United States' economy were ___________ and ____________.
Fill in the blank(s) with the appropriate word(s).
A production point is said to be efficient if there is no way for the economy to produce more of one good without producing less of another
a. True b. False Indicate whether the statement is true or false