Which of the following is not necessarily a consequence of occupational licensing laws?
A) They restrict competition.
B) Consumers pay higher prices for the services of licensed professions.
C) They result in a higher quality of service.
D) They ensure that licensed professionals meet some minimum qualifications.
Answer: C
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The above figure shows the market for labor. The employer is a monopsony. If a minimum wage of $10 is imposed, the equilibrium level of employment is
A) 200 hours per day. B) 400 hours per day. C) 600 hours per day. D) 800 hours per day.
In a model of the saving rate, which of these relationships is most crucial?
A) the effect of the saving rate on government spending B) the effect of government spending on the saving rate C) the effect of the saving rate on taxes D) the effect of taxes on the saving rate E) the effect of the saving rate on the real wage
A group of entrepreneurs is trying to decide which of five new product ideas to select. Which tool can be used to help make the decision?
A. Decision matrix B. Entrepreneurial discovery process C. Business processes D. Opportunity cost analysis
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.