In the above figure, at what minimum wage is the unemployment level equal to 200 million hours?
A) $2 per hour
B) $4 per hour
C) $6 per hour
D) $8 per hour
C
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Over the last several decades, per capita world food production has
a. risen rapidly b. been stable c. risen at first, but then fallen d. risen slowly e. fallen continuously
Using the income approach, indirect business taxes have to be added to get gross domestic product because the: a. selling price of a product includes these taxes, which are income to the governmentrepresenting the public interest of households
b. selling price of a product includes these taxes, which are resource payments. c. selling price of a product excludes these taxes and therefore they have to be added. d. selling price includes these taxes which are actually not income to any sector of the economy.
Suppose the MPC is .6 and consumption increases by $8 billion. Consequently, total income through the multiplier effect will:
a. $20 billion b. $8 billion c. $15 billion d. $13.3 billion
When a market is in equilibrium:
A. both excess demand and excess supply are positive. B. there is neither excess demand nor excess supply. C. both excess demand and excess supply are positive and equal to each other. D. there is either excess demand or excess supply.