Suppose a business is paying less than W E to its employees. How would this affect unemployment?
a. There would be no unemployment because demand would exceed supply, meaning
all workers would have a job.
b. There would be no unemployment because lower wages would mean that there are
more positions open.
c. There would still be unemployment because many workers would refuse to work for
such a low wage.
d. There would still be unemployment because there would not be enough jobs for all of
the available workers.
c. There would still be unemployment because many workers would refuse to work for
such a low wage.
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What is a constant-cost industry? What does the long-run industry supply curve look like for a constant-cost industry?
What will be an ideal response?
Gold, silver and furs, when used as money, are referred to as
a. fiat money b. precious money c. paper currency d. commodity money e. exchange money
Government regulation of _______________ protects customers from high prices in situations where there is no competition that would ordinarily keep prices down.
a. natural monopolies b. monopolistic competition c. perfect competition d. luxury markets
Answer the following statements true (T) or false (F)
1. A fishery collapse happens when a fishery's population grows faster than fish can be harvested. 2. Encouraging conservation is especially difficult in the open ocean where it is impossible to either define or enforce property rights over fish. 3. One of the worst systems for encouraging conservation of fisheries is the combination of totally allowable catch (TAC) with individual transferable quota (ITQ). 4. Studies by economists indicate that economic growth and rising living standards are good for the environment because as societies get richer, they tend to spend more on things that improve environmental quality. 5. Labor's share of income earned by Americans is smaller than the share of capital.