The rising minimum wage allegedly has reduced the quantity demanded of teenage labor. However, demographics slightly reduced the supply of teenage labor. The U.S. Department of Labor reported that teenage unemployment is an increasing problem. Which graph in Figure 4-10 is consistent with these facts?
a.
1
b.
2
c.
3
d.
4
Figure 4-10
c
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Which of the following products may have a free-rider problem?
A) On-the-job training programs B) Environmental protection programs C) Movie DVDs D) Mobile phones
Suppose a drought resulted in a major reduction in the California lettuce crop. In the market for lettuce
A) the supply curve shifted to the left resulting in a decrease in the equilibrium price. B) the demand curve shifted to the right resulting in an increase in the equilibrium price. C) the demand curve shifted to the left resulting in a decrease in the equilibrium price. D) the supply curve shifted to the left resulting in an increase in the equilibrium price.
Which of the following might be said by a supporter of advertising?
a. “Advertisers assume people make rational choices.” b. “Advertisers focus on what producers need to sell.” c. “Advertisers often provide misleading information about products.” d. “Advertisers camouflage the differences between products.”
The current exchange rate system in Canada is best described as a
A) silver standard. B) floating exchange rate system. C) fixed exchange rate system. D) gold standard.