If an increase in the government-imposed minimum wage pushes the price (wage) of unskilled labor above market equilibrium, which of the following will most likely occur in the unskilled labor market?
a. An increase in quantity of unskilled labor demanded.
b. A decrease in the quantity of unskilled labor supplied.
c. A shortage of unskilled labor.
d. A surplus of unskilled labor (unemployment).
d
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If a company is associated with a green lizard and the company wants to protect the green lizard symbol, the company would consider the green lizard to be which of the following?
A) a patent B) a trade secret C) a copyright D) a trademark
Describe the three pillars of productivity growth
If advertising reduces a consumer's price sensitivity between identical goods, it is likely to
a. increase the elasticity of demand for differentiated products. b. enhance competition and encourage more product diversity. c. reduce competition and reduce social welfare. d. encourage the consumption of all homogenous goods.
The 2007–2008 recession in the United States appears to have been the product of ______.
a. negative shocks to both supply and demand b. positive shocks to both supply and demand c. a negative shock to supply coupled with a positive shock to demand d. a positive shock to supply coupled with a negative shock to demand