Minimum wage legislation
a. has little effect on university professors.
b. raises incomes of unskilled laborers who have jobs.
c. prevents some willing workers from getting jobs.
d. All of the above are true.
d
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The natural rate hypothesis asserts that
A) changes in the unemployment rate from changes in the inflation rate are temporary. B) changes in the unemployment rate are natural and long-lasting. C) when prices change, the inflation rate changes temporarily and then returns to its natural rate. D) changes in the natural unemployment rate are only temporary. E) price changes occur at a natural rate, near a 6 percent average inflation rate.
The government considers a market to be unconcentrated if its HHI number is less than ____, and highly concentrated if that number exceeds ____.
A. 1,000; 2,500 B. 100; 9,000 C. 50; 500 D. 500; 1,300
From a union's perspective, the optimal level of employment is determined by the intersection of the
A. Labor demand curve and the marginal wage curve. B. Labor demand curve and the marginal factor cost curve. C. Labor demand curve and the labor supply curve. D. Marginal wage curve and the labor supply curve.
Tax revenues can be found by
A) multiplying the tax base by the (average) tax rate. B) dividing the tax base by the (average) tax rate. C) summing the tax base and the (average) tax rate. D) multiplying taxable income by the marginal tax rate.