Economic theory suggests that the standard of living of American workers would rise if:
a. the minimum wage were doubled.
b. the knowledge and skills of workers improved.
c. older workers were forced to retire earlier, opening up jobs for younger workers.
d. people bought only American products.
B
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Shortly after their admission into the EMU, Ireland and the Netherlands
A) both seceded from the EMU. B) were expelled due to high levels of debt. C) breached the inflation convergence criterion that had qualified them for admission to the EMU in the first place. D) achieved inflation rates of zero percent. E) abandoned the Euro as their national currency.
Given their skills and education, those who work the night shift earn more than those who work in the daytime. This is partly because:
A. working the night shift is relatively more desirable. B. a relatively small number of people are willing to work the night shift. C. working the night shift is safer. D. few people have the required skills for the night shift.
Which of the following is NOT a barrier to entry that would allow a monopolist to keep potential competitors out of its market?
A) Significant economies of scale exist. B) The market price of the product is too high. C) The firm has a patent on the good or control over some resource required for the production of the good. D) The firm has government authorization to be a monopoly.
The demand and cost schedules for a firm in monopolistic competition are in the above tables
What is the profit-maximizing level of output and price? What amount of profit is the firm earning? Is this firm in a short-run or long-run equilibrium? Why?