Which of the following is the best definition of the minimum-wage rate?
a. a wage set through collective bargaining
b. the wage that equalizes the quantity demanded and quantity supplied of labor
c. a higher wage set in order to improve productivity
d. an hourly wage floor set above the equilibrium wage
d. an hourly wage floor set above the equilibrium wage
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Refer to the table above. What happened to the real value of the minimum wage between 1974 and 2011?
A) It decreased. B) It remained the same. C) It increased. D) It could not be determined from the given information.
Consumer choice theory predicts that, with identical consumers, pay-as-you-go social security
A) always makes all generations worse off. B) makes some generations better off, and cannot make any generation worse off. C) may make some generations worse off and cannot make any generation better off. D) may be Pareto improving.
The Robinson-Patman Act is primarily concerned with
a. mergers b. price fixing c. price discrimination d. monopoly e. unfair and deceptive practices
When a person wants to buy a used car, asymmetric information may land her with a “lemon” because:
a. neither she nor the dealer can know everything about the car. b. a used car is in a lower-risk category for insurance purposes. c. a used car that has been in an undisclosed accident could have alignment problems. d. the car dealer knows more about the car than she does.