A minimum wage law that sets the minimum below the equilibrium wage rate will
a. create unemployment
b. have no effect on employment
c. increase employment
d. raise the equilibrium wage rate
e. lower the equilibrium wage rate
B
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The above table shows the short-run total product schedule for the campus book store. What is the average product (AP) of the 4th employee?
A) 58 books sold B) 14.5 books sold C) 18 books sold D) 13.3 books sold
If an indifference map for a consumer is made up of straight, negatively sloped lines, the goods are
A) perfect complements. B) unrelated. C) perfect substitutes. D) not desirable.
The market for electricians in a small town might have a different structure than in a large city because
A) cartels are legal in large cities but not in small towns. B) the small town market can only support a few electricians. C) unions are stronger in large cities than in small towns. D) None of the above.
Cleanup of Superfund sites is currently funded by
a. a tax on petroleum b. annual appropriations by Congress c. a corporate environmental income tax d. monies appropriated under the American Recovery and Reinvestment Act e. all of the above f. (b) and (d) only