The job market for which group always seems to have higher unemployment than the labor force as a whole? Why?
The job market for teenagers seems to have higher unemployment than the labor force as a whole. Teenagers generally have not completed their educations and have little job experience, so their marginal revenue products tend to be relatively low. Economists argue that minimum wage laws that prevent teenagers from accepting wages commensurate with their low marginal revenue products, is the main cause of high teenage unemployment. The reasoning is that legally imposed high wages make it too expensive to hire teenagers with relatively low marginal productivity.
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Chapter 16 on "Financial System Design" calls the asymmetric information problem discussed in earlier chapters the __________ conflict
A) manager-stockholder B) stockholder-lender C) manager-lender D) profit-risk
To mobilize resources in WWII, the United States relied on:
a. borrowing. b. taxes. c. creating money. d. All of the above are correct.
If supply rises, what happens to equilibrium price and quantity?
What will be an ideal response?
Which of the following best describes the consumer optimum?
A. MUa/Pa = TUb/Pb B. MUa/Pa = MUb/Pb = . . . = MUz/Pz. C. change in TU/change in P = MU D. MUa/TUa = Pa