In the figure above, Gap's economic ________ is ________
A) loss; $8,000
B) loss; $13,000
C) profit; $7,200
D) profit; $13,000
A
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Suppose the marginal product of labor in the economy is given by MPN = 200 - 0.5 N, while the supply of labor is 100 + 4w
(a) Find the market-clearing real wage rate. (b) What happens if the government imposes a minimum wage of 40? Is there involuntary unemployment? (c) What happens if the government imposes a minimum wage of 60? Is there involuntary unemployment?
Reserve requirements on bank deposits are set by
A) the SEC. B) the Federal Reserve board of governors. C) the Federal Reserve district banks. D) Congress.
A high marginal tax rate reduces work incentives
Indicate whether the statement is true or false
The price of a depletable natural resource last year rose more than expected. The most likely explanation is that
a. interest rates fell. b. an unexpected discovery of reserves was made. c. the major suppliers formed a cartel. d. price ceilings were established.