One effect of a minimum wage in the market for low-skilled labor is
A) a shortage of low-skilled labor.
B) a surplus of low-skilled labor.
C) no effect in the market for low-skilled labor.
D) an increase in demand for low-skilled labor.
Answer: B
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Assume the market is in equilibrium in the graph shown at demand D and supply S2. If the supply curve shifts to S1, and a new equilibrium is reached, which of the following is true?
A. Producer surplus would increase, and total surplus would increase.
B. Producer surplus would decrease, and total surplus would increase.
C. Producer surplus would increase, and total surplus would decrease.
D. Producer surplus would decrease, and total surplus would decrease.
The United States is guilty of dumping on the international market because of the
A. superior technology. B. high availability of capital. C. highly educated workforce. D. agricultural subsidies.
Which form of business organization accounts for the largest proportion of sales in the United States?
A) the corporation B) the partnership C) the proprietorship D) the subchapter S partner-based proprietorship.
For a nation's real GDP per capita to rise during a year:
A. consumption spending must increase. B. real GDP must increase more rapidly than population. C. population must increase more rapidly than real GDP. D. investment spending must increase.