A minimum wage law creates a price (or wage) _____ and a labor _____.
A. floor; shortage
B. floor; surplus
C. ceiling; shortage
D. ceiling; surplus
B. floor; surplus
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What is the difference between positive and normative statements?
What will be an ideal response?
German banks are able to control a significant number of German firms by
A) making large syndicated loans. B) ownership of shares alone. C) ownership of shares and having proxy voting power over the shares in their custody. D) sheer size in the lending market.
Number of EmployeesTotal Output16211315418520Table 16.2 Table 16.2 gives the number of oil changes that can be performed at a local oil change business based on the number of employees hired. If the price of an oil change is $20, and workers get paid $90 per day, how many workers should the business hire?
A. One B. Three C. Two D. Four
A recession is defined as:
A. the minimum point in the business cycle before the recovery phase. B. a fall in the natural rate of unemployment. C. a rise in the natural rate of unemployment. D. a fall in real GDP that lasts six months or longer.