Advances in chemical and biological applications before World War I (1914–1918) increased agricultural output per acre
Indicate whether the statement is true or false
True
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A substantial increase in the legal minimum wage will tend to
A) expand employment by increasing purchasing power and hence the demand for output. B) improve the position of the least skilled persons in the labor force. C) reduce employment by raising the cost of hiring some employees above their expected worth to potential employers. D) reduce the wages of highly skilled and highly paid employees.
A model or theory in economics is:
A) based mostly on value judgments. B) built using relevant observations, assumptions, and abstractions. C) only useful if it correctly portrays the real world and its complexities. D) useful only if it is based on normative economic statements.
What do bondholders and stockholders have in common?
A. Both are shareholders in the company. B. Both receive fixed payments on their securities each year. C. Both are claimants. D. Both have voting rights.
An ________ distribution of income would yield a ________ curve that was a 45-degree line between 0 and 100%.
A. equal; Lorenz B. equal; Gini C. unequal; Gini D. unequal; Lorenz