Based on the figure, if a union contract requires that workers be paid $25 per hour, there will be ________ unemployed workers.
A. 31
B. 9
C. 12
D. 21
Answer: D
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A firm practicing direct price discrimination will charge a higher price to
a. Consumers with an elastic demand b. All consumers c. Consumers with an inelastic demand d. Consumers with unitary elastic demand
The unemployment rate in a town in which 65,400 persons are employed and 11,000 are unemployed equals:
a. 11 percent b. 14.4 percent. c. 16.8 percent. d. 10.2 percent.
Economic models are used by economists to
A. Explain economic behavior. B. Develop economic policies. C. Predict economic behavior. D. All of the choices are correct.
A potential problem with piece-rate plans is that:
A. it is difficult for managers to enforce. B. workers have no incentive to work hard. C. workers may put little emphasis on the quality of the good. D. workers will have a tendency to under-produce the good.