In Figure 30.2, a minimum wage of $20 will result in a

A. Shortage of 160 workers.
B. Shortage of 180 hours.
C. Surplus of 20 workers.
D. Surplus of 32 workers.


Answer: D

Economics

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The federal government, in order to fund expanded health care, imposes a lump-sum tax on all business property. Profit-maximizing firms that stay in business will respond by

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The balance of payments is:

A. the accounting of trade in financial assets. B. the accounting of trade in goods and capital. C. positive when a country has a trade deficit. D. negative when a country has a trade surplus.

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What is true only at the output level where price equals average total cost?

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The bulk of the exports from developing countries comprises of:

a. manufactured goods. b. finished goods. c. raw materials. d. services.

Economics