Suppose that the minimum wage was increased to $10 per hour. Which of the following would be most likely to result from the minimum wage increase?
a. an increase in the employment of low-skill workers previously employed at wage rates of less than $10 per hour
b. an increase in the number of jobs providing low-skill workers with on-the-job training
c. a reduction in the number of teenagers unemployed
d. an increase in the demand for high-skill workers providing services that are a good substitute for those whose wages were pushed up by the higher minimum wage
D
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In order to regulate a monopoly's price the government
A) needs to hire former executives from the monopoly. B) should rely on industry experts for information. C) needs accurate information on the monopoly's demand and cost curves. D) needs to know the monopoly's supply curve.
Suppose that a large and a small wind turbine have similar installation, operating, and maintenance costs, but a large turbine has four times the generating capacity but costs less than three times as much as a small turbine. The wind power industry faces:
A. constant returns to scale. B. economies of scale. C. diseconomies of scale. D. a hump-shaped cost curve.
Which of the following is most likely to increase an individual's current spending?
A) Paying back a loan today B) Borrowing money today C) Depositing money today D) Withdrawing money in the future
Which of the following is not an argument in favor of the globalization of business?
A) More efficient use of resources lowers operating costs and selling prices. B) More products are made available and new markets are opened. C) Economic and political security are enhanced. D) Technology transfers improve living standards in poorer countries.