Refer to Table 4-7. If a minimum wage of $11.50 an hour is mandated, what is the quantity of labor demanded?
A) 40,000 B) 570,000 C) 610,000 D) 1,180,000
B
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The demand curve for labor of Coca-Cola manufacturers will not shift to the right if:
a. d and e. b. the price of Coca-Cola increases. c. the firms innovate with new technology that raises labor productivity. d. the price of Pepsi decreases. e. Coca-Cola workers become unionized.
Which of the following factors has the most quantitative importance on the oversimplified multiplier formula?
A. It ignores variable imports. B. It ignores price-level changes. C. It ignores income taxes. D. All of these equally affect the oversimplified multiplier formula.
"A firm cannot experience both economies of scale and diminishing marginal product." Do you agree or disagree? Why?
What will be an ideal response?
Suppose a ski resort decides to sell its lift tickets "below cost" all season long, charging $20 per day as opposed to $30 per day. In principle, how would each ticket sale affect GDP?
A) GDP would fall by $10. B) GDP would rise by $10. C) GDP would rise by $20. D) GDP would rise by $30 after the appropriate cost-price adjustment has been made.