List a few of the characteristics of workers who typically earn at or below the minimum wage
teenagers, the least skilled members of the labor force, the least experienced members of the labor force
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If the price of ground beef falls, the demand for hamburger buns will
a. increase because the two goods are substitutes b. decrease because the two goods are complements c. decrease because the two goods are substitutes d. increase because the two goods are complements e. not change unless the price of hamburger buns also changes
Probably the most important source of efficiency in production is
a. investing in more capital goods. b. consuming rationally. c. expanding the production possibilities frontier. d. increasing inputs of energy and raw materials. e. the specialization of labor.
If the government set a price ceiling of 25 cents for a loaf of bread, the most likely consequence would be
A. a surplus of bread. B. no one would go hungry. C. most Americans would put on weight. D. a shortage of bread.
As long as total utility is increasing, we know that marginal utility is
A. positive. B. decreasing. C. increasing. D. negative.