When using synthetic cohort analysis, the recent substantial increases in the minimum wage in Seattle led to
A. hours of work falling by about 10% and the number of low-wage jobs falling by about 5%.
B. hours of working falling by about 10% for the average worker but no change in the number of low-wage jobs.
C. no identifiable changes in the labor market for low-wage workers.
D. hours of work not changing and a very slight decrease in the number of low-wage jobs.
E. an increase in both hours of work and the number of low-wage jobs.
Answer: A
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From the manager's perspective:
A) it is important to treat implicit costs as explicit in order to make sound strategic decisions. B) implicit costs are simply a theoretical construct and should be ignored in the decision-making process. C) only explicit costs matter because accounting profit is based on explicit costs. D) there is no difference between implicit and explicit costs. As such, treating implicit costs as explicit would result in double counting and an overstatement of total costs.
In the short run, producers derive surplus from market exchange because
a. total revenue is greater than the minimum they would require to sell the good b. total revenue is equal to the minimum amount they would require to sell the good c. total revenue is less than the minimum amount they would require to sell the good d. marginal revenue equals average revenue e. they can rob consumers of most of their consumer surplus
Which of the following issues is most unlikely to be addressed by an economist practicing positive economics?
A) the relationship between the minimum wage and the number of unemployed unskilled workers B) the effect of a minimum wage increase on inner-city crime rates C) the desirability of a minimum wage increase D) the consequences of implementing a minimum wage law in China
It is illegal to price discriminate EXCEPT in cases in which the price differences are due to actual cost differences. This situation is due to which antitrust act?
A) Clayton Act B) Contestable Market Act C) Federal Trade Commission Act D) Sherman Antitrust Act