Which statement is false?
A. The minimum wage has NOT kept up with the rate of inflation.
B. The average real hourly earnings fell steadily from 1973 to 1993.
C. Workers with some high school education make about the same average annual earnings as those with high school diplomas.
D. It is harder for a middle class student to get a college degree because since 1979, the cost of going to college has gone up twice as fast as the rate of inflation.
C. Workers with some high school education make about the same average annual earnings as those with high school diplomas.
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Which of the following is ALWAYS true for a profit-maximizing single-price monopolist?
A) P = MC B) P = MR C) MR = MC D) MC = ATC
A ________ is a final good and ________ is an intermediate good
A. new car bought by a student; a used SUV bought by a dealer B. new textbook; used textbook C. new iPhone bought by a student; new computer bought by Wal-Mart D. tank of gasoline bought by you; jet fuel bought by Southwest Airlines
If the dollar depreciates relative to other currencies, which of the following is true? a. It takes more of the other currency to buy a dollar
b. It takes less of the other currency to buy a dollar. c. There is no change in the amount of the currency needed to buy a dollar. d. Not enough information to determine.
Which of the following is an important difference between tariffs and import quotas?
a. Tariffs affect goods leaving the country to be sold, and import quotas affect goods coming in. b. The government receives revenue from tariffs but does not collect money for import quotas. c. Import quotas lower prices and increase consumer surplus, whereas tariffs do the opposite. d. Tariffs support the growth of domestic industry, and import quotas help foreign producers.