Is the minimum wage fair?
A) Yes, because all workers benefit because they are paid more.
B) No, because it enhances the prospects of voluntary exchange.
C) No, because workers who lose their jobs are made worse off.
D) Yes, because firms must pay a wage closer to a living wage.
E) Yes, because workers need the extra income.
C
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Classifying a good as excludable means
A) that anyone who does not pay for the good cannot consume it. B) that consumption of the good generates no externalities. C) that a producer with patent or copyright protection can exclude any other producer from selling the product. D) that someone can be barred from consuming the good based on race, ethnicity, or some other irrelevant characteristic.
According to your text, the central economic task for a society is
A) to eliminate scarcity. B) to assure every household gets what it needs. C) to secure cooperation among people in using what is available to obtain what is wanted. D) to train enough economists to ensure supplies of goods and services will successfully continue to meet demands for goods and services in the future.
Suppose that Sweden imposes a retail disposal charge on household batteries. To assure that allocative efficiency is achieved, this charge should be set equal to
Use the following forany or all of Questions 11 through 13 below. Consider the following model of the municipal solid waste (MSW) services market in the city of Houston. MSC = 1.5 + 1.25Q MSB = 30 – 2.5Q MEC= 0.75Q MEB= 0 whereQ is the number of trash containers serviced per household per month. a. the vertical distance between MSB and MPB at QC b. the marginal social benefit at QE c. the MPC associated with battery production d. the ?MEB at the efficient equilibrium
Under the Affordable Care Act (ACA), states were required to initiate which one of the following changes in the administration of their respective programs?
a. Accept temporary reductions in federal matching funds for the expansion population. b. Extend eligibility to participants with household incomes less than 138 percent of the federal poverty level. c. Prohibit eligibility of non-disabled adults without children regardless of income. d. Require physicians to accept new Medicaid patients in order to practice medicine in the state. e. Expand coverage to include pregnant females.