Which of the following examples would most likely be caused by a price floor?
a. shortage of unemployed skilled professionals
b. surplus of unemployed skilled professionals
c. shortage of unemployed unskilled workers
d. surplus of unemployed unskilled workers
d. surplus of unemployed unskilled workers
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In the Spence education signaling model, what is the social value of education?
a. Employees improve their ability to perform on the job. b. Employers can use education as a screen to match talented employees with high-skill jobs. c. Employers can save the costs of on-the-job training, which is less efficient than a general education. d. It allows low-ability employees to apply for high-salary jobs.
The marginal rate of substitution is the
A) rate at which the consumer will give up one good for an additional unit of the other good, such that total satisfaction is constant. B) rate at which the consumer can trade one good for the other in the marketplace. C) change in the quantity of one good that changes the utility received by one unit. D) same thing as the marginal utility of a good.
Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Fiat money has
A) little to no intrinsic value but is backed by the quantity of gold held by the central bank. B) little to no intrinsic value and is authorized by the central bank or governmental body. C) value, because it can be redeemed for gold by the central bank. D) a great intrinsic value that is independent of its use as money.