Suppose the equilibrium wage is $10 per hour. A minimum wage is a ________ and affects employment if it is set at ________
A) price floor; $12 per hour
B) price floor; $8 per hour
C) price ceiling; $10 per hour
D) price ceiling; $12 per hour
A
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The opportunity cost of a movement from point N to J would
A. be the lost production of some capital goods.
B. be the lost production of some consumer goods.
C. be slower economic growth in the future.
D. not involve any sacrifice of either capital or consumer goods.
Exogenous changes in spending refer to changes in planned spending:
A. caused by changes in output. B. caused by changes in the inflation rate. C. not caused by changes in output or changes in the inflation rate. D. caused by changes in the real interest rate.
Sources of positive net present value projects include
a. buyer preferences for established brand names b. economies of large-scale production and distribution c. patent control of superior product designs or production techniques d. a and b only e. a, b, and c
Economists may disagree about how to solve an economic problem because they
a. use different models to analyze the problem and its solutions. b. have different political and moral beliefs. c. disagree about the facts of the situation. d. All of the above are correct.