Suppose the equilibrium wage rate for apricot pickers is $9.00 per hour in California and at that wage rate the equilibrium quantity of apricot pickers is 14,000. If the minimum wage is set at $7.50 per hour, then the
A) quantity of apricot pickers employed increases.
B) quantity of apricot pickers employed decreases.
C) quantity of apricot pickers employed does not change.
D) wage rate for apricot pickers increases.
E) some apricot pickers are unemployed.
C
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What factor changes the quantity of real GDP supplied and results in a movement along the AS curve?
What will be an ideal response?
Refer to Figure 4-3. What is the total amount that Kendra is willing to pay for 1 ice cream cone?
A) $0.50 B) $3.50 C) $9.00 D) $13.50
Refer to Figure 23-2. Suppose that the level of GDP associated with point N is potential GDP. If the U.S. economy is currently at point K,
A) firms are operating above capacity. B) the economy is in recession. C) the level of unemployment is equal to the natural rate. D) the economy is at full employment.
If the firm is able to reduce MC from MC0 to MC1 the firm will produce at point ________ on the new demand curve and lower price to ________
A) E1; P1 B) E0; P0 C) E2; P2 D) E0 or E1; P0