In the table above, the market is in equilibrium. Then a minimum wage is set at $11 per hour. The number of unemployed workers will be
A) 0.
B) 2 million.
C) 4 million.
D) 6 million.
B
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If a buyer's reservation value for a good is $15 and the price at which he purchases the good is $8, his consumer surplus is:
A) $7. B) $1.8. C) -$7. D) $120.
A change in the price level does not shift the aggregate demand curve
Indicate whether the statement is true or false
Which of the following statements uses the economists' definition of money?
A) I plan to earn a lot of money over the summer. B) Betsy is rich—she has a lot of money. C) I hope that I have enough money to buy my lunch today. D) The job with New Company gave me the opportunity to earn more money.
Consider two upward sloping income-utility curves with income on the horizontal axis. The steeper curve represents risk preferences that are more:
A) risk averse. B) risk loving. C) loss averting. D) We cannot answer this question without more information about the shapes of the curves.