Many Democrats support raising the U.S. minimum wage. Critics of raising the minimum wage argue that minimum-wage laws are
a. too expensive for local governments to fund.
b. too expensive for local governments to administer.
c. imprecise in their ability to help the working poor.
d. easy for businesses to pay.
c
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The "Anything-Can-Happen" theorem doesn't really imply "anything can happen" in a democratic process with multiple issues; rather, it implies that political outcomes can be manipulated, and some political institutions are better at constraining the degree to which this can be done than others. Do you agree or disagree with this statement? Why?
What will be an ideal response?
Which of the following is an example of a quasi-public good?
A) stock of knowledge in the public domain B) crime prevention C) cable television D) organic apples
Refer to Figure 12-7. If the market price is P3 the firm
A) will earn enough revenue to cover its variable costs but not its fixed costs. B) will break even. C) will make a profit. D) will produce a quantity of Q1.
Suppose that in a certain society $10,000 is the official cut-off of income for the poor. This means that any person making less than $10,000 is considered poor. Suppose further that there are three people in this society: Randy, Marlon, and Tito, with incomes of $9,900, $9,900, and $5,000, respectively.
A) How many people are in poverty? B) How much income would it take, on average, to lift every poor person out of poverty? C) What if some policy caused $200 to be taken from Tito and given to Randy. How many people are in poverty now? How much income would it take, on average, to lift every poor person out of poverty?