In order to be effective, the minimum wage must be
a. increased every 3 years.
b. above the market wage.
c. below the market wage.
d. higher for teenage workers.
b. above the market wage.
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In 2015, infant mortality in the United States was ________ per 1,000 live births
A) 6.2 B) 45.4 C) 82.7 D) 228.9
A factory produces 1,000 radios a year, AVC = $10 and TFC = $5,000. The factory’s TC
A. equals $15. B. equals $5,005. C. equals $15,000. D. cannot be determined from the information given.
Since classical economists believe that both V and Q are constants, the equation of exchange becomes a theory in which
a. the quantity of money explains prices b. the quantity of money explains velocity c. the quantity of money explains real GDP d. changes in M cause changes in V e. prices are never flexible
The administrative, enforcement, and compliance costs of collecting taxes in the United States sum to
a. between 1 and 2 percent of the revenues collected. b. between 5 and 6 percent of the revenues collected. c. between 12 and 15 percent of the revenues collected. d. more than half of the revenues collected.