Relevant economic data for Company Town Mining, Inc., is shown above. The labor force (including those not now working) of Company Town organizes and demands a minimum wage, W, for all workers. If Company Town Inc. accepts the offer it will:
A. Pay lower wages
B. Hire more workers
C. Hire fewer workers
D. Hire the same number of workers
B. Hire more workers
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If the long-run Phillips curve is vertical, then any government policy designed to lower
GDP measures the total income a society generates
Indicate whether the statement is true or false
Refer to Table 2-1. Assume Tomaso's Trattoria only produces pizzas and calzones. A combination of 36 pizzas and 30 calzones would appear
A) along Tomaso's production possibilities frontier. B) inside Tomaso's production possibilities frontier. C) outside Tomaso's production possibilities frontier. D) at the horizontal intercept of Tomaso's production possibilities frontier.
A rightward shift of the AD curve in the very flat part of the short-run AS curve will:
A. increase real output by more than the price level. B. increase the price level by more than real output. C. reduce real output by more than the price level. D. reduce the price level by more than real output.