?19742015Minimum wage per hour$ 2.00$ 7.25Weekly income from minimum wage$80.00$290.00Cost of a standard basket of goods$47.00$236Number of baskets per week1.701.23
Use Table 2.5 above to answer the question. What happened to the real value of the minimum wage between 1974 and 2015?
A. It remained the same.
B. It increased.
C. It decreased.
D. It could not be determined from the given information.
Answer: C
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According to your textbook authors, economics is generally
A) an unbiased science. B) a method rather than a body of settled conclusions. C) founded on the observation of data. D) a false and misleading discipline.
William is a wheat farmer and wheat sells in a perfectly competitive market, with an equilibrium price of $5 per bushel. Its marginal revenue: a. is greater than $5
b. is $5. c. is less than $5. d. cannot be determined from the above information.
A perfectly elastic demand curve will:
a. be a vertical straight line. b. be a downward sloping straight line. c. be a horizontal straight line. d. be an upward sloping straight line.
The construct used to demonstrate efficient use of society's resources is the
a. production possibilities frontier. b. payoff matrix. c. input-output table. d. cost-benefit table.