Suppose you were to hear a politician defend the minimum wage on the grounds than the low-wage workers would spend more of their extra income that wealthier employers, would and therefore the effect would be positive, you would know this person to be relying on the ________ argument.
A. elasticity
B. macroeconomic
C. work effort
D. consumer and producer surplus
Answer: B
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Which of the following statements is true of the cross-price elasticity of demand?
A) The cross-price elasticity of demand between substitutes is zero. B) The cross-price elasticity of demand between complements is zero. C) The cross-price elasticity of demand between substitutes is negative. D) The cross-price elasticity of demand between complements is negative.
The federal courts are increasingly willing to tolerate resale price maintenance agreements between manufacturers and retailers
A) when they are necessary to prevent predatory pricing. B) when they enable small businesses to survive more profitably. C) when they provide retailers with incentive to supply customer services desired by manufacturers. D) whenever both parties voluntarily agree on them. E) whenever they are necessary to cover sunk costs.
A _________ lien takes precedence over all other types of liens
Fill in the blank(s) with the appropriate word(s).
From the economic point of view, discrimination:
A. No longer exists in the U.S. economy B. Results in an actual domestic output that is below potential domestic output C. Provides incentives for minority groups to work harder at their jobs D. Results in an actual output that is no different from potential domestic output, provided resources are fully employed