Studies on fast-food stores in Texas and New Jersey suggest that the federal minimum wage law
A. has huge ramifications on unemployment.
B. does not have a discernable impact on unemployment.
C. causes unemployment for high skilled workers.
D. new entrants to the work force search for longer periods.
Answer: B
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Because the United States does not have a comparative advantage in producing clothing, a fall in world prices increases imports and ________ U.S. production. U.S. consumers ________ and U.S. producers ________
A) decreases; gain; gain B) increases; gain; lose C) increases; gain; gain D) decreases; gain; lose E) decreases; lose; lose
Describe the choices that producers make and explain why producers are efficient on the market supply curve
What will be an ideal response?
For a monopsonistic hirer of labor, the gap between labor's marginal revenue product and its wage rate will be greater:
a. the more elastic the supply curve for labor. b. the more inelastic the supply curve for labor. c. the more elastic the firm's demand for labor. d. the more inelastic the firm's demand for labor.
In a private closed economy, when aggregate expenditures equal GDP:
A. consumption equals investment. B. consumption equals aggregate expenditures. C. planned investment equals saving. D. disposable income equals consumption minus saving.