Which of the following famous writers, along with Adam Smith, helped start modern economics with an examination of and rebuttal of mercantilism?
A) John Stuart Mill
B) Milton Friedman
C) Joseph Schumpeter
D) David Hume
Answer: D) David Hume
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An increase in the minimum wage for unskilled labor tends to
A) generate unemployment among unskilled laborers. B) increase the quantity supplied of unskilled laborers. C) decrease the quantity demanded for unskilled laborers. D) encourage employers to seek substitutes for unskilled labor. E) accomplish all of the above.
Refer to Table 2-19. What is Wilma's opportunity cost of making a statue?
A) 3 benches B) 1/3 of a bench C) 6/7 of a statue D) 1/2 of a bench
Which of the following is an example of the "damaged goods" strategy
a. A doll company selling dolls at cost but charging high margins on doll accessories b. A cell phone company offers free locked in phones but charges high prices per call c. A catering company pays its chefs higher wages to make sure that the bargain meals are just slightly burnt d. None of the Above
Mary Beth is risk averse and has $1,000 with which to make a financial investment. She has three options. Option A is a risk-free government bond that pays 5 percent interest each year for two years. Option B is a low-risk stock that analysts expect to be worth about $1,102.50 in two years. Option C is a high-risk stock that is expected to be worth about $1,200 in four years. Mary Beth should
choose a. option A. b. option B. c. option C. d. either A or B because they are the same to her.