The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, then there will be
A) unemployment of 200 workers.
B) a surplus of 200 workers.
C) unemployment of 400 workers.
D) a surplus of 400 workers.
E) no unemployment of workers and no surplus of workers.
A
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Scarcity can be measured only through the use of monetary costs.
Answer the following statement true (T) or false (F)
Answer the next question based on information in the following table.ProductPercentage Change in IncomePercentage Change in Quantity DemandedW?1?1X+6+3Y?1+1Z+4+8Which product would be an inferior good?
A. product W B. product X C. product Y D. product Z
The ________ is a measure of the price level and is calculated by dividing ________ by ________ and multiplying by 100
A) CPI; real GDP; nominal GDP B) PPI; nominal GDP; real GDP C) PPI; real GDP; nominal GDP D) GDP deflator; nominal GDP; real GDP E) GDP deflator; real GDP; nominal GDP
Sugarcane can be used for producing both sugar and ethanol. New regulations in certain countries now allow a higher level of ethanol in gasoline. An economist would expect sugarcane prices to ____, and quantity sold to ____
a. rise; rise. b. fall; fall. c. rise; fall. d. fall; remain the same.