Assume the minimum wage exceeds the market-clearing wage. If there is an increase in the supply of labor then the number of workers who are unemployed will ________, and the number of workers who are employed will ________.
A. increase; not change
B. increase; increase
C. decrease; increase
D. increase; decrease
Answer: A
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A price index is ________.
A. the cost of a market basket of goods and services in a base period divided by the cost of the same market basket in another period B. a comparison of the current price of a market basket to a fixed point of reference C. a comparison of real GDP in one period relative to another D. a ratio of real GDP to nominal GDP
To calculate the revenue government receives when a tax is imposed on a good, multiply the
A) pre-tax equilibrium price by the pre-tax quantity. B) after-tax equilibrium price by the after-tax quantity. C) tax by the pre-tax quantity. D) tax by the after-tax quantity. E) after-tax equilibrium price by the after-tax quantity and then subtract the pre-tax equilibrium price multiplied by the pre-tax quantity.
Under a fixed exchange rate regime, if a country has an ________ exchange rate, then its central bank's attempt to keep its currency from depreciating will result in a ________ of international reserves
A) undervalued; gain B) undervalued; loss C) overvalued; gain D) overvalued; loss
Economists use the three-step method to determine whether a firm is generating economic profits, economic losses, or zero economic profits at the ______.
a. profit-maximizing level of input b. profit-maximizing level of output c. profit-minimizing level of input d. profit-minimizing level of output