In an indifference curve/budget line diagram, a consumer's equilibrium consumption combination will occur
A) inside the budget line.
B) outside the budget line.
C) on the budget line.
D) at the origin.
C
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If the number of potential workers in a country is 25 million, and the size of the labor force in the country is 17 million, the number of adults not in the work force will equal:
A) 43 million. B) 8 million. C) 25 million. D) 17 million.
Everything else remaining unchanged, if the demand curve for reserves shifts to the right and borrowed reserves is zero:
A) there will be a decrease in both the federal funds rate and the quantity of reserves. B) there will be an increase in the federal funds rate but no change in the quantity of reserves. C) there will be an increase in both the federal funds rate and the quantity of reserves. D) there will be a decrease in the federal funds rate but no change in the quantity of reserves.
Explain how low-skilled workers might actually be made worse off from a minimum wage law in terms of working conditions and job training. In addition, what might be the long-run impact on wages and earnings?
What will be an ideal response?
The deadweight loss of an income tax is determined by the
a. amount of total tax revenue to the government. b. marginal tax rate. c. average tax rate. d. ability-to-pay principle.