The general consensus on minimum wage laws is that they:
a. do create some unemployment
b. Directly affect workers at all skill levels.
c. lead to extremely low rates of unemployment.
d. increase employment possibilities for teenagers.
a
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During the expansion phase of the business cycle,
A) employment decreases. B) income decreases. C) unemployment increases. D) production increases.
Which of the following is not included when using the expenditure approach to compute GDP?
a. Consumer spending on goods and services b. Net exports c. Government purchases d. Private investment e. Transfer payments
At his current level of output, a monopolist has an MR of $10, an MC of $6, and an economic profit of zero. If the market demand curve is downward sloping and his marginal cost curve upward sloping, the monopolist
a. is producing his profit-maximizing level of output. b. could increase his profit by increasing his output. c. could increase his profit by increasing his price. d. should exit the market if he has positive fixed cost.
In a monopolistically competitive market, a firm should advertise to the point at which
A. it is selling the most units it can possibly sell. B. the additional revenue generated by one more dollar of advertising just equals the extra dollar cost of advertising. C. it can raise price to the highest level possible. D. the extra revenue from an additional dollar spent on advertising just equals the marginal cost of producing one more unit of the good.