A minimum wage set above the equilibrium wage I. increases the supply of labor. II. increases the quantity of labor supplied. III. decreases the demand for labor
A) I only
B) II only
C) I and II only
D) I, II, and III
B
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Critics of advertising argue that it:
a. lowers price by increasing competition. b. results in more variety of products. c. establishes brand loyalty, which promotes competition. d. serves as a barrier to entry for new firms.
The hydrologic cycle illustrates the
a. natural process that links all water resources together b. natural movement of water from the ocean to wetlands c. link between point and nonpoint sources d. none of the above
Rent controls can cause a. a decline in the quality of housing available for rent
b. the development of a black market to allocate apartments to renters. c. longer search times for renters attempting to locate an apartment. d. all of these are possible results of rent controls.
The opening of a new American-owned factory in Algeria would tend to increase Algeria's GDP more than it increases Algeria's GNP because
a. some of the income from the factory accrues to people who do not live in Algeria. b. gross domestic product is income earned within a country by both residents and nonresidents, whereas gross national product is the income earned by residents of a country while producing both at home and abroad. c. all of the income from the factory is included in Algeria's GDP. d. All of the above are correct.