The above figure shows the market for biologists. The government decides to set a minimum wage for biologists of $18 per hour
After this minimum wage is in effect, and taking account of the resources lost in job search, workers' surplus equals ________. A) $800
B) $900
C) $400
D) $1,800
E) $200
C
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The legal responsibility for losses incurred by a proprietorship falls upon the
A) stockholders. B) partners. C) owner. D) creditors.
Which of the following is not generally considered one of the three main causes of the financial crisis of 2007-2009?
A) insufficient regulation of the shadow banking system B) excessive risk taking by commercial banks and other financial intermediaries C) the "too-big-to-fail problem" of large financial firms D) inaction by the Federal Reserve in acting as lender of last resort
An automobile company has two factories, one in Vietnam and one in Australia each with the same number of workers. The Vietnamese factory can produce either 150 engines or 100 transmissions per day
The Australian factory can produce either 100 engines or 75 transmission per day. A) The Vietnamese factory has an absolute advantage producing both engines and transmissions. B) The Australian factory has an absolute advantage in the production of transmissions. C) The Vietnamese factory has a comparative advantage in the production of transmissions. D) Which factory has an advantage is irrelevant since the theory of comparative advantage only applies to countries, not companies.
Which of the following is NOT a union wage and employment strategy?
A) ensuring employment for all members of a union B) maximizing aggregate income of workers C) maximizing wage rates for some workers D) minimizing the adjusted gross income of non-members