An important policy goal in undeveloped labor markets is
a. lowering interest rates and increasing access to money and loans.
b. helping workers to become more connected to the labor market and the economy.
c. passing laws to protect worker rights and protect worker safety.
d. to maintain inflation at a rate comparable to higher-income countries.
b. helping workers to become more connected to the labor market and the economy.
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Suppose the market supply curve for wheat is shown in the above figure. Calculate the producer surplus when price is $2 per bushel. If legislation mandates that the price be $1 per bushel, what is the resulting loss in producer surplus?
What will be an ideal response?
An appreciation of the U.S. dollar ________ the price of U.S. imports, and ________ the price of U.S. exports
A) lowers, lowers B) increases, increases C) increases, lowers D) lowers, increases
Sadie works at a factory for $15 an hour and typically works 40 hours a week. Sadie gets a pay raise and now earns $20 an hour. She decides to work 45 hours a week at $20 an hour. Her response to the pay increase demonstrates the:
A. income effect outweighing the price effect. B. price effect outweighing the income effect. C. income effect outweighing the substitution effect. D. labor effect outweighing the price effect.
Some producers are involved in producing consumption goods while others focus on the production of investments goods. Together, they generate an output that can be written as
a. C = a + bY b. Y = C + S c. Y = C + Ii d. Ii = SI e. MPC + MPS = 1