An effective minimum wage tends to
A) increase the supply of unskilled labor.
B) decrease the demand for unskilled labor.
C) create a surplus of unskilled labor.
D) accomplish all of the above.
E) accomplish none of the above.
C
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What is a private cost of production? What is an external cost of production? What is a social cost of production? When is the private cost of production equal to the social cost of production?
What will be an ideal response?
Technological efficiency occurs when the firm produces a given output
A) by using the least amount of inputs. B) by using the maximum amount of inputs. C) at the least cost. D) at the greatest cost.
If the Gini co-efficient for an economy is 0.85, which of the following statements is true?
a. The national income of this economy is more or less equally distributed. b. The Lorenz curve for the economy will bow above the line of perfect equality. c. The Lorenz curve for the economy will coincide with the line of perfect equality. d. The Lorenz curve for the economy will bow down below the line of perfect equality. e. The Lorenz curve for the economy will be a rectangle.
In the shortrun (specific factors) model, FDI will cause _______________ in the return to capital and land and _______________ in the return to labor in the recipient country.
a. an increase; a decrease b. a decrease; an increase c. no change; an increase d. a decrease; no change