Refer to Table 4-7. If a minimum wage of $12.50 an hour is mandated, what is the quantity of labor supplied?
A) 80,000 B) 550,000 C) 630,000 D) 1,180,000
C
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In the aggregate expenditures model, a tax cut causes a(n):
A. upward shift in the aggregate expenditures curve. B. downward shift in the aggregate expenditures curve. C. leftward movement along the aggregate expenditures curve. D. rightward movement along the aggregate expenditures curve.
The physical and mental effort people use to produce goods and services is a description of which factor of production?
A. physical capital B. human capital C. labor D. entrepreneurship
Price discrimination exists when
A. sales are made below cost. B. each buyer is treated equally. C. a firm charges different buyers different prices for its product but the costs are the same. D. a firm charges each buyer a price of the product in proportion to its costs.
Price discrimination is the
A. pricing of a product so that not everyone can afford it. B. refusal by a firm to sell to all customers. C. selling of a given product at more than one price when the price difference is unrelated to cost differences. D. selling of a given product at more than one price when the price differences reflect cost differences.