Those that lose from an increase in the minimum wage are
A. consumers who pay lower prices for goods.
B. all workers.
C. those workers who keep their jobs.
D. employers.
Answer: D
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The official U-3 unemployment rate includes the total number of people who
A) have jobs or are currently looking for jobs. B) are available and looking for work but unable to find employment. C) would like to have a job but have stopped seeking work. D) would like to have a full-time job but are working part-time.
When a firm experiences diseconomies of scale,
a. short-run average total cost is minimized. b. long-run average total cost is minimized. c. long-run average total cost increases as output increases. d. long-run average total cost decreases as output increases.
Studies have found which of the following economic terms mentioned most often in U.S. newspapers?
a. Unemployment b. Productivity c. Inflation d. Monetary policy
Answer the following statements true (T) or false (F)
1. In the foreign exchange market, if Americans significantly increase their investments in securities in British financial markets, one effect is that the dollar will tend to depreciate against the pound. 2. If the organizers of a major sports event set the ticket price above the equilibrium level, then scalping will develop in a secondary market for tickets. 3. The presence of ticket scalpers in popular events like concerts will hurt consumers who buy from the scalpers. 4. In cases where sellers have a fixed number of units of a product to sell, the supply curve will be horizontal. 5. In cases where the supply curve is vertical, any change in demand will cause only a change in price but no change in quantity.