Which of the following is an effect of a minimum wage law that establishes a wage floor above the current market clearing wage?
A. a decrease in the quantity of labor supplied
B. surplus labor, or unemployment
C. a decrease in the market clearing wage
D. an increase in the supply of labor
Answer: B
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Refer to the table below. An output level of 25 units, this firm's accounting profit is ________, and its economic profit is ________.QuantityTotal RevenueExplicit CostsImplicit Costs1050365157563620100937251251258301501619
A. $125; zero B. zero; $8. C. $125; $113 D. zero; -$8
At one time, people living in the U.S. were imprisoned or fined for not having legitimate work
Indicate whether the statement is true or false
The U.S. government was given the power to tax income in the
A. Early 1900s. B. Early 1800s. C. Late 1800s. D. Early 1700s.
Countries with higher rates of saving
A. have a greater number of poor people. B. have higher rates of growth. C. experience lower growth rates in the future. D. have a large population.