Americans would probably be supportive of
a. strict controls on hours of work.
b. limits on income potential.
c. mandatory work limits.
d. loose controls on economic activities.
d
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Market barriers imposed on national banks:
a. included both restrictions on mortgages and high capital requirements. b. allowed rural banks to charge higher rates. c. allowed national banks to price discriminate. d. All of the above are correct. e. Only a and b are correct.
Assume that, given factors of production and existing knowledge and technology, it is not possible to produce more of one good without foregoing the opportunity to produce some of another good. Economists would characterize this situation as: a. inefficient
b. efficient. c. due to unemployment. d. a point outside the production possibilities frontier.
A first public policy step against discrimination in the labor market is to make it illegal. For instance, laws against discrimination have reduced the wage gap between:
a. ages. b. genders. c. education levels. d. classes.
Which of the following is not consistent with a minimum wage that is set above the equilibrium wage?
A. Some workers will end up with higher wages. B. Some workers will end up unemployed. C. A labor surplus will result. D. There will be no unemployment.