At $5.15 per hour, the 2007 inflation adjusted minimum wage was
A. statutorily constant.
B. nearing a 50-year low.
C. slightly above the historical average.
D. at an all-time high.
Answer: B
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Basic Types of Economic Systems
When all of the available factors of production are being efficiently employed, the
A) economy is producing at a point within its PPF. B) economy is producing at a point on its PPF. C) economy is producing at a point beyond its PPF. D) PPF disappears. E) opportunity cost of changing production is infinite.
If the GDP price index is 137, this value means that prices have increased
A) 137 percent in the last year. B) 37 percent in the last year. C) 37 percent since the base year. D) 137 percent since the base year. E) 63 percent since the base year.
The production decision is a long-run supply decision.
Answer the following statement true (T) or false (F)