It is always in the interests of workers for the minimum wage to be as high as possible.
Answer the following statement true (T) or false (F)
False
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The principle of diminishing returns to capital states that if the amount of labor and other inputs employed is held constant, then the greater the amount of capital in use the:
A. the less an additional unit of capital adds to production. B. less is produced. C. less production is wasted. D. the more an additional unit of capital adds to production.
Suppose the economy has a recessionary ga
A) raise real GDP without increasing the price level. B) raise real GDP and the price level. C) raise the price level alone, but cannot increase real GDP. D) raise real GDP and decrease the price level.
Based on the assumptions in the Application, should Rory hire a gardener or cut the weeds himself?
A) He should hire the gardener because he would save $800. B) He should cut the weeds himself because he would save $1,000. C) He should hire the gardener because he would save $1,000. D) He should cut the weeds himself because he would save $200.
A short-run change in ________ is referred to as a business cycle
A) the currency exchange rate B) the expenditure incurred by the government C) the aggregate price level D) the growth rate of output