Which of the following is an advantage of mini-mills over vertically integrated giant mills?
a. The small size of mini-mills ensures economies of scale in steel production.
b. The small furnaces used in mini-mills depend less on coal and more on electricity.
c. The mini-mills do not require integration of casting and milling activities.
d. The small furnaces used by mini-mills can be operated as per the producer's will.
D
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Opponents of the minimum wage point out that the minimum wage
a. encourages teenagers to drop out of school. b. prevents some workers from getting needed on-the-job training. c. contributes to the problem of unemployment. d. All of the above are correct.
Which of the following is downward-sloping?
a. both the long-run Phillips curve and the short-run Phillips curve b. neither the long-run Phillips curve nor the short-run Phillips curve c. the long-run Phillips curve, but not the short-run Phillips curve d. the short-run Phillips curve, but not the long-run Phillips curve
Because of ________, the market will provide ________ the socially optimal level of information.
A. the problem of adverse selection; less B. moral hazard; more C. the credibility problem; more D. the free-rider problem; less
What is the difference between nominal and real economic variables? Why do economists tend to concentrate on changes in real magnitudes?
What will be an ideal response?