Many economists estimate that for every 10% increase in relative minimum wage rates, there is a corresponding decrease in employment of those affected equal to
A) 5-10%.
B) 1-2%.
C) 10-20%.
D) 30-40%.
B
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The economic efficiency approach to emission control provides the polluting firm with
a. a license produce as much emissions as it wants b. the option of choosing between focusing on profit or cost c. a process for determining the optimum quantity of emissions d. more flexibility in selecting the most cost effective method of control e. a subsidy for producing additional emissions
What is an arrangement between countries to allow free trade between members called?
a. economic union b. common market c. trade forum d. free trade agreement
Suppose a negative income tax program is established at 25 percent, and a poverty threshold minimum of $15,000 is guaranteed for a family of four. If no income is earned by this family, its total income would equal
a. $6,000 b. $15,000 c. $18,750 d. $60,000 e. $3,750
The real balance effect helps to explain "a change in
A) aggregate demand." B) the quantity demanded of Real GDP." C) aggregate supply." D) the quantity supplied of Real GDP."