Which of the following is the purpose of a minimum wage?
a. To reduce the wage rates of high-income workers
b. To keep a track of the changes in the wage rate in an unskilled labor market
c. To deal with the problem of unemployment in the market
d. To help increase the profits earned by the producers
e. To raise the wage rate for the lowest income workers
e
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If a nation exports a product, then the price of that product in the nation
A. will rise above the domestic (no-trade) equilibrium price. B. may either rise or fall, depending on the product. C. will fall below the domestic (no-trade) equilibrium price. D. will remain the same as the domestic (no-trade) equilibrium price.
The law of increasing opportunity cost states that
A. as output increases the marginal cost does not change. B. as output increases the marginal cost increases. C. as output decreases the marginal cost increases. D. as output increases the marginal cost decreases.
An economic system in which the government decides what, how, and for whom to produce, directs workers to jobs, and owns all the land and capital is
A) centrally planned socialism. B) market capitalism. C) mixed economy. D) supported by economists as the best system available.
Investing in things with unrelated risk is:
A. the key to diversification. B. increasing the likelihood that a catastrophe will occur. C. irrational. D. None of these statements is true.