If the legal minimum wage is set below the equilibrium wage rate
A. employment will tend to be lower than it otherwise would have been.
B. employment will tend to be higher than it otherwise would have been.
C. the level of employment will not be affected.
D. there is no way to determine how the level of government would be affected.
C. the level of employment will not be affected.
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The income of the middle person in an income distribution is called the
A) mean income. B) average income. C) median income. D) per capita income.
A share of stock expected to pay an annual dividend of $12 forever has a market price of __________ when the Treasury bond rate is 6.5% and the stock has a risk premium of 4.5%
A) $109.09 B) $184.62 C) $266.67 D) $600
Which of the following is an implicit cost of going to college?
a. Tuition. b. Books. c. Lost income. d. Future income. e. Room and board.
When the price of a commodity falls, we can expect
a. total utility will fall. b. marginal utility of the last unit purchased will fall. c. marginal utility of the last unit purchased will rise. d. purchases will fall because of a change in marginal utility.