Minimum-wage legislation is less likely to have adverse effects on employment when the:
A. affected labor market is monopsonistic.
B. economy has high unemployment.
C. derived demand for labor is shifting to the left.
D. affected labor market is perfectly competitive.
Answer: A
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Normative statements
i. describe how the world is. ii. describe how the world ought to be. iii. depend on people's values and cannot be tested. A) ii only. B) i and iii. C) iii only. D) i only. E) ii and iii.
A firm is currently producing at a level where its MC = 10 and its MR = 5. We can conclude that this firm is
a. profit maximizing. b. under-producing. c. over-producing. d. no definite conclusion can be made about the firm's level of production.
A street light is a ________
A) private good B) public good C) common pool resource D) club good
Which of the following observations is not true of a budget line?
A. It indicates what choices are available to the consumer. B. It is a curve of constant expenditure. C. Its slope reports the market terms on which the consumer can trade one good for another. D. It helps examine the consumer’s preferences.