In the table above, what is the level of unemployment (in millions of workers) if the minimum wage is set at $8 per hour?
A) 0
B) 1
C) 3
D) 4
A
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Suppose that the total production of an economy consists of 10 oranges and 5 candy bars, each orange sells for $0.20, and each candy bar sells for $1.00. What is the market value of production in this economy?
A. $7.00 B. $1.20 C. $2.00 D. $5.00
Refer to Figure 3-4. If the current market price is $25, the market will achieve equilibrium by
A) a price decrease, decreasing the supply and increasing the demand. B) a price increase, increasing the quantity supplied and decreasing the quantity demanded. C) a price decrease, decreasing the quantity supplied and increasing the quantity demanded. D) a price increase, increasing the supply and decreasing the demand.
An externality is
A. a third-party benefit or cost that is associated with the production of a good. B. transaction costs. C. government intervention in the markets. D. when external forces such as war or flood affect the market.
Of the following examples, which would most likely be performed by an economist working for American Airlines?
A) using economic models to analyze unemployment and inflation rates in Australia B) assessing whether automobile injuries are directly related to speed limits C) analyzing data related to passenger air traffic in China D) forecasting the demand for U.S.-produced organic produce over the next 15 years