The minimum wage
a. is an example of a price ceiling.
b. has its greatest impact on middle-aged and immigrant workers.
c. does not apply to unpaid internships.
d. does not affect the quantity of labor demanded; it only affects the quantity of labor supplied.
c
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"Smokers are more likely to be murdered than nonsmokers." This statement is an example of:
A) the fallacy of unintended consequences. B) a positive economic statement. C) a normative economic statement. D) a value judgment.
Recall the Application about finding estimates of elasticities of demand to answer the following question(s).According to the Application, the regular price elasticities of demand found at www.ers.usda.gov are reported as:
A. positive numbers. B. negative numbers. C. dollars per unit of foreign currency. D. foreign currency units per dollar.
If the price of a slice of pizza falls, Tom can
A) buy more pizza with his paycheck. B) buy more soft drinks with his paycheck. C) no longer afford pizza on his paycheck. D) Either A or B is possible.
Asymmetric information can cause a market to go out of existence
Indicate whether the statement is true or false