An increase in an effective federal minimum wage would tend to cause ________
A) a decrease in wage rates and an increase in employment
B) an increase in wage rates and employment
C) a decrease in wage rates and employment
D) an increase in wage rates and a decrease in employment
D
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Refer to Table 11-2. What is the average product of labor when the orchard employs 5 workers?
A) 270 bushels B) 54 bushels C) 40 bushels D) 8 bushels
According to Malthus, how do economic growth and population relate to each other?
When car dealerships post high prices for their cars and then negotiate deals based on their estimate of how much each person will pay,
a. the dealership will lose revenue b. marginal revenue and marginal cost are being used to set prices and output c. few dealerships will be able to survive d. rent-seeking behavior will lead new dealerships to enter the market e. this is a form of price discrimination
It once took 90 percent of our population to grow our food. It now takes only 3 percent of the population to grow our food. Which of the following statements is true?
a. This loss of jobs has been detrimental to our economy. b. The government should provide subsidies to encourage more people to become farmers. c. The reduction in the number of farmers explains the increase in the price of food. d. This is progress because freed-up labor is used to produce other goods.