The Fair Labor Standards Act of 1938
A. Eliminated minimum wages created during World War I.
B. Granted women the right to work in nonclerical occupations.
C. Set a minimum wage of 25 cents per hour.
D. Established maximum work hours per day.
Answer: C
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Which of the following statements is true of the long run?
A) Identical firms can enjoy positive economic profits. B) Identical firms face an upward-sloping supply curve. C) Non-identical firms can enjoy positive economic profits. D) Non-identical firms face a horizontal supply curve.
What is a Lorenz curve and what is a Gini coefficient?
. What will be an ideal response?
If domestic savings is growing faster than domestic investment, the current account balance should be
A) increasing. B) decreasing. C) unchanged. D) eliminated.
Ajax has just discovered that the marginal revenue product generated by the last worker hired was $50 while the marginal factor cost was $50. What should Ajax do?
A) Leave the level of production unchanged. B) Increase the amount produced. C) Reduce the amount produced. D) Collect more information before making a decision.