Refer to Table 4-8. If a minimum wage of $10.00 an hour is mandated, what is the quantity of labor demanded?
A) 390,000 B) 370,000 C) 350,000 D) 40,000
C
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Which of the following is one reason for the decline in aggregate demand that led to the recession of 2007-2009?
A) falling oil prices B) increases in housing prices C) a decline in government spending D) the financial crisis
Auto insurance rates are lower for young women relative to young men. An unusually reckless young woman driver benefits from this
A) statistical discrimination. B) signal. C) screening. D) majority voting.
Suppose capital and labor are perfect substitutes resulting in a production function of q = K + L. That is, the isoquants are straight lines with a slope of -1
Derive the long-run total cost function TC = C(q) when the wage rate is w and the rental rate on capital is r.
If the CPI in the United States was 150 in 2003 and 160 in 2004, the inflation rate over the year is _____
a. 10 percent b. 20 percent c. 7 percent d. 30 percent e. 50 percent