Effective minimum-wage laws will most likely
a. increase demand for labor.
b. create a surplus of labor.
c. increase incomes for all unskilled workers.
d. decrease incomes for all unskilled workers.
b
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From which of the following is it least difficult to exclude free riders?
A) A library book B) Landscaping on the edges of urban expressways C) Police protection D) Fireworks displays
According to the quantity theory of money, in the long run, an increase in the quantity of money results in an equal percentage increase in ________
A) the price level B) the growth rate of real GDP C) the inflation level D) the growth rate of potential GDP
The above figure shows a graph of the market for pizzas in a large town. No pizzas will be supplied unless the price is above
A) $0. B) $5. C) $12. D) $14.
Belarus has a comparative advantage in the production of linen, but Russia has an absolute advantage in the production of linen. If these two countries decide to trade,
a. Belarus should export linen to Russia. b. Russia should export linen to Belarus. c. trading linen would provide no net advantage to either country. d. Without additional information about opportunity costs, this question cannot be answered.