Minimum wages are examples of
A) a price floor.
B) a price ceiling.
C) the rationing function of prices not working.
D) government increasing the demand for certain products.
Answer: A
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During the post-bellum period, growth in demand outpaced growth in supply, causing food prices to fall
Indicate whether the statement is true or false
In a firm, an entrepreneur is one who
A) decides to hire or fire. B) works for the owner by running the firm. C) takes the risks associated with a business firm. D) represents the firm in legal proceedings.
We calculate many different kinds of price indexes:
A. in order to capture a complete picture of how price changes are affecting the economy. B. to see how the prices of different groups of goods are changing. C. to measure how different groups of people in the economy are being affected by changing prices. D. All of these statements are true.
Pooling independent cross sections across time is useful in providing precise estimators if _____.
A. the relationship between the dependent variable and at least some of the independent variables remains constant over time B. the relationship between the dependent variable and at least some of the independent variables is linear C. the relationship between the dependent variable and at least one of the independent variables changes over time D. the relationship between the dependent variable and at least one of the independent variables is positive