There are several criticisms of the minimum wage. Which of the following is not one of those criticisms? The minimum wage
a. often hurts those people who it is intended to help.
b. results in an excess supply of low-skilled labor.
c. prevents some unskilled workers from getting needed on-the-job training.
d. fails to raise the wage of any employed person.
d
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Along a society's production possibilities frontier,
a. the level of technology is changing b. more of one good can be produced without giving up some of the other good c. resources are not being fully utilized d. available resources are being used efficiently e. there is productive inefficiency in the economy
The relative decline in manufacturing in the United States has contributed to the decline in unionization.
Answer the following statement true (T) or false (F)
Which of the following statements is true?
A. A vertical merger is a merger of firms that compete in the same market. B. The rule of reason doctrine declares that the existence of monopoly alone is illegal. C. Government regulation is economically justifiable for a natural monopoly. D. Deficient information on unsafe products causes underconsumption.
An import ban results in:
A. a decrease in the supply of the product. B. an increase in the product's price. C. a decrease in the quantity of the product bought and sold. D. All of these.